Dogecoin Holders Accumulate 2B Tokens Amid Price Drop
– Dogecoin (DOGE) holders accumulated 2.07 billion tokens over the past week.
– Despite an 8.87% price drop in the last week, market behaviour signals a potential rally.
– Trading volume increased by 32.8% to USD 810 million.
– Historically, such accumulation could indicate an upcoming price surge.
Dogecoin Holders Accumulate Despite Price Drop
Dogecoin (DOGE), the largest memecoin by market capitalization, has experienced a significant drop in recent days. The price fell by 8.87% to $0.1076 after previously hitting a local high of $0.132. Despite this decline, holder behaviour shows continued confidence in the cryptocurrency. Over the past week, 2.07 billion DOGE were accumulated.
What Does the Accumulation Mean for the Market?
The fact that holders are continuing to buy DOGE despite the price drop suggests they are speculating on a price recovery. This type of behaviour has been observed in the past. In January 2024, a similar accumulation led to a price increase from $0.074 to $0.209 – a rise of 182.43%. If history repeats itself, DOGE could once again see a strong upward movement.
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Blockchain Activity Increases
Another indicator of growing interest in Dogecoin is the increase in daily active addresses. These rose from 66,490 to 89,920, showing that more users are actively using the blockchain. Large transaction volumes have also more than doubled, from 4.81 billion to 10.27 billion DOGE. These figures suggest that both retail and institutional investors are continuing to bet on Dogecoin.
Trading Volume and Options Point to Bullish Sentiment
Dogecoin’s trading volume has increased by 32.8% to USD 810 million in the last 24 hours. At the same time, the volume of traded options surged by 576.95% to USD 86.78 million. An increase in open interest for options by 126.25% to USD 148,320 indicates that investors are speculating on further price increases.
Our Assessment
Current data suggests that Dogecoin is receiving strong support from its holders despite the recent price decline. The accumulation of 2.07 billion DOGE in one week is a strong signal of investor confidence in the cryptocurrency. Historically, this could point to an upcoming rally, especially if trading volume continues to rise and market sentiment remains positive. However, investors should keep an eye on volatility and consider potential risks before making decisions.
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Price | $0.40 |
| 24h % | 7.18 % |
| 7d % | 9.24 % |
| 30d % | 187.11 % |
| 60d % | 283.90 % |
| 1y % | 410.33 % |
| Market Cap | $58,859,815,618.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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