As April comes to a bearish close, expectations for Dogecoin in May are not exactly bullish, especially as the crypto market has continued to fall. DOGE has been one of the main losers during this time, falling below $0.14. This underperformance is expected to continue as the machine learning algorithm at CoinCodex predicts further decline for the meme coin. Algorithm Predicts Another 13% Decline Despite the Dogecoin price already suffering a notable 14% decline in the last week, the machine learning algorithm believes it will fall another 13% in the month of May. The machine learning algorithm, which takes a number of metrics into consideration, presented that the DOGE price remains very bearish despite the market still sitting in greed. For the month of May, the algorithm expects the meme coin’s price to decline by a total of 13.66% from here, falling below $0.13 to $0.1238. Even on the shorter term, the Dogecoin price remains bearish with an expected 1% decline to $0.14 in the next five days. On the broader timeframe, expectations for the meme coin are not high as the machine learning algorithm does not expect the cryptocurrency to reach a new all-time high until 2029. For the year 2025, it gives the meme coin a yearly high of over $0.66, which is less than its current all-time high price of $0.7. The next two years after this are expected to be bearish as the price is predicted to fluctuate around $0.126 and $0.25. Then, a new all-time high price of $1.4 is expected. If this plays out, then it would mean that Dogecoin investors would have to wait another five years to see new peaks. Dogecoin Metrics Tell A Different Story While the machine learning algorithm remains bearish, the Dogecoin metrics have been painting a picture of bullishness. For example, there has been a steady increase in the Dogecoin trading volume, rising 28% in the last day alone. This suggests a return of investor interest and if it translates into demand, it could see the price rise rapidly from here. There has also been an accumulation trend for the meme coin, especially among whales. One whale, in particular, withdrew 226 million DOGE from the Robinhood exchange in two transactions. Usually, when investors move coins from exchanges to private wallets, it means they are accumulating for better prices. This could signal a turn in the tide. However, at the time of writing, the Dogecoin price is still struggling at $0.135, with a 4% drop in the last 24 hours. A reversal from here could see DOGE retest the $0.15 resistance. But a breakdown could send it back toward $0.12. DOGE price breaks down below $0.14 | Source: DOGEUSDT on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com
Pepe (PEPE) has been one of the best-performing crypto assets since the beginning of the year, with a year-to-date (YTD) gain of over 400%. This crypto analyst predicts that PEPE can continue this impressive run and become the largest meme coin by market cap, ahead of Dogecoin and Shiba Inu. PEPE To Flip Dogecoin (DOGE) And […]
Dogecoin is struggling to rise above the $0.1650 resistance zone against the US Dollar. DOGE could decline heavily if it settles below the $0.140 support. DOGE is facing many hurdles near the $0.1650 and $0.170 levels against the US dollar. The price is trading below the $0.1620 level and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.170 to move into a positive zone and start a fresh surge. Dogecoin Price Signals Downturn After a major decline, Dogecoin price started a recovery wave from the $0.1280 zone. A low was formed at $0.1283 and DOGE climbed above $0.1350, like Bitcoin and Ethereum. There was a move above the $0.1385 and $0.140 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. However, the bears protected more gains above the $0.170 resistance. The price failed to test the 50% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. There is also a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair. Dogecoin is also below the $0.160 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level. Source: DOGEUSD on TradingView.com The next major resistance is near the $0.1680 level. The main hurdle is at $0.170. A close above the $0.170 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.20 level. More Losses in DOGE? If DOGE’s price fails to gain pace above the $0.160 level, it could start another decline. Initial support on the downside is near the $0.1475 level. The next major support is near the $0.1400 level. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level. Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone. 4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1475, $0.1400 and $0.1200. Major Resistance Levels – $0.1600, $0.1680, and $0.1700.
Crypto analyst CrediBULL Crypto has revealed his bearish expectations for the foremost meme coin, Dogecoin (DOGE). Based on his analysis, the crypto token could drop to as low as $0.5 soon enough. How Dogecoin Could Drop To As Low As $0.5 CrediBULL Crypto mentioned in an X (formerly Twitter) post that Dogecoin could drop to […]
Dogecoin and XRP have seen varying performances over the last few weeks, going from bullish to bearish. As the market progresses into the highly anticipated Bitcoin halving event, crypto analysts have begun to give their predictions for where the market is headed for the next year in the expected bull market. This time around, it […]
Technical analysis shows that Dogecoin (DOGE) may be set for an upside move after dropping to a major support level. This and other imminent bullish developments in the meme coin’s ecosystem suggest it may be the right time to invest in the crypto token. Time To Go Long On Dogecoin? Crypto analyst BitLuxe revealed in […]
Dogecoin has extended its seven-day losses into the past 24 hours but some holders continue to remain strong. On-chain data has revealed that even though Dogecoin’s value has plummeted by 21% in the last seven days, many long-term holders of the meme coin are still turning a decent profit. Particularly, profitability data from IntoTheBlock shows […]
Dogecoin is once again in the spotlight with speculation that DOGE payments are coming to X (formerly Twitter) as the platform looks to charge users a fee to post and interact on the platform. This was made public by owner Elon Musk, who said that the move was made in an effort to make sure […]
A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week. According to Yomi, DOGE is on the verge of creating a golden cross on its price chart, an event that could indicate the continuation of a major bull run. He noted the need for a green candle this week in order to start a new rally, which could be tough considering recent on-chain metrics and market fundamentals. Dogecoin Flashing Weekly Golden Cross The weekly chart for Dogecoin is flashing a golden cross, a bullish signal that occurs when the 50-week moving average crosses above the 200-week moving average. According to a weekly price chart shared by Yomi, this weekly cross looked almost completed just two weeks ago, as a price surge for DOGE in the past two months saw the short-term moving average approaching the longer one. Related Reading: Will The Halving Send Bitcoin Price To $100,000? Analytics Platform Reveals What You Should Expect However, trader sentiment around DOGE has turned bearish since the beginning of April as the bulls struggled to push the crypto past the $0.22 mark, allowing it to form a price resistance level. Consequently, DOGE has gone on to form two weeks of bearish candles, which has derailed the completion of a golden cross. Update on #Dogecoin pending weekly Golden Cross. We are still multiple weeks of upward price action away from achieving this bull market milestone. 2 red weeks in a row have cause us to deviate slightly also. Need green soon to get back on track! #DOGE #Altcoins pic.twitter.com/QfdFSR24Uc — Yomi (@OG_Yomi) April 15, 2024 Yomi observed that the formation of this bullish indicator has been pushed forward to multiple weeks of upward price movement. Furthermore, Yomi said all that’s needed is for DOGE to close higher than its open price this week and form a green candle to confirm the breakout and get back on track to a golden cross. DOGE To Turn Bullish? Dogecoin dropped by an astounding margin last week to spearhead the crash in the majority of meme coins. Interestingly, the crypto fell to as low as $0.13 in the middle of the week, representing a 33% decline from its opening price at the start of the week. During the price fall, crypto whale transaction tracker Whale Alerts noted the transfer of 600 million DOGE tokens worth $92.3 million from a private wallet into Binance, hinting at a potential sell-off from a DOGE whale. Related Reading: Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000 However, all is not lost as Dogecoin price action has been showing green in the past day. At the time of writing, DOGE is trading at $0.1669, up by 5% in the past 24 hours. If DOGE can close substantially above its weekly open of $0.1624, that would confirm the continuation of the journey to a golden cross and likely kick off a new uptrend. Yomi noted in another post on social media that Doge will continue to tease a bullish price action in the longer term as long as it stays above $0.12 this week. DOGE price at $0.164 | Source: DOGEUSDT on Tradingview.com Featured image from U Today, chart from Tradingview.com
Dogecoin has been one of the best performers over the past year, consistently holding up gains even through market dumps. However, after the meme coin’s rally in March and then the subsequent dump in April, it looks like investors, especially whales, are finally getting ready to start taking profit. This is evidenced by a number of large DOGE transactions that were flagged going into exchanges over the last day. Dogecoin Whales Move 800 Million DOGE To Exchanges The movement of coins to centralized exchanges can be very bearish for the price of a cryptocurrency. This is because the move to centralized exchanges often points to a selling spree as investors look to take advantage of the deep liquidity that is provided by these exchange platforms. This reason is why the massive amounts of DOGE tokens being sent to centralized exchanges are concerning for the community. Related Reading: Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000 Over the course of the last day, the on-chain whale tracking platform Whale Alert reported a number of large DOGE transactions that carried tokens to centralized exchanges. The largest of these transactions happened on April 14, when a single transaction was carrying 600 DOGE tokens to the Binance exchange. At the time of the transaction, the total stash of tokens being transferred was worth around $92.3 million. However, with the DOGE price increasing since then, the value of the tokens contained in this transaction could be closer to $95 million at the time of this writing. Hours later, after the first transaction, two other transactions followed, also carrying notable amounts of DOGE tokens. The second transaction, which carried 100 million DOGE tokens worth $15.28 million, headed for the Robinhood exchange. The third transaction of the trio was also headed to the Robinhood exchange, carrying 99.25 million tokens worth $16.15 million. In total, approximately 800 million DOGE tokens to centralized exchanges, signaling a potential sell-off on the horizon. Can DOGE Surge From Here? Despite the bearish pressure that seems to categorize Dogecoin lately, the longer-term outlook for the meme coin has remained bullish, especially among crypto analysts. Crypto analyst Trader Tardigrade has continued to maintain a bullish stance on the meme coin, which he believes could pull a significant rally soon. Related Reading: Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking Tardigrade’s latest analysis of Dogecoin saw a bullish formation on the chart, which could lead to a 100% rally. The move, which the analyst expects to happen sometime in April following the Bitcoin Halving, is expected to see the DOGE price rise as high as $0.4 in the short term. However, first, the meme coin’s price would have to break above $0.205, which has developed into significant resistance for the altcoin. But, as the crypto analyst explains, a break above this level would confirm the bullish breakout. For now, Dogecoin is still struggling to break through this $0.205 resistance and has since been rejected from this level. It is currently sitting at $0.165, with a 5.51% increase on the last day and a 20% decrease on the last week, according to data from Coinmarketcap. DOGE price jumps above $016 | Source: DOGEUSDT on Tradingview.com Featured image from Kiplinger, chart from Tradingview.com
On-chain data suggests Dogecoin is no longer the dominant meme coin in terms of its weekly active trader count. Here are the coins above it. Dogecoin Has Been Surpassed In Trader Count By Other Memecoins According to data from the market intelligence platform IntoTheBlock, DOG and DEGEN are the two assets that have managed to surpass the original meme-based cryptocurrency in terms of weekly trader count. A “trader” here refers to an investor who has been holding onto their coins since less than 30 days ago. These investors generally tend to move their coins often, as they play the role of active traders in the market. They are certainly not the HODLers of the sector. Related Reading: Bitcoin Back Above $70,000 Despite Negative Taker Volume When the number of these traders goes up for any asset, it means that some fresh interest is potentially coming into the coin. Price actions like rallies are only sustainable when they have an ever-increasing fuel coming in, so the trader count going up can perhaps be a bullish indication in this direction. On the other hand, the metric going down implies traders either are losing interest in the cryptocurrency or have decided to hold onto it in the long term, thus maturing past the 30-day threshold. Whatever the case be, though, a drawdown in the indicator does suggest a lack of new hands coming into the market. Now, here is a chart that shows the trend in the number of traders for the various meme coins in the sector: The data for the number of traders for meme-based tokens over the past couple of years | Source: IntoTheBlock on X As displayed in the chart, Dogecoin (in blue) has consistently remained number one in terms of the number of traders, which only makes sense as DOGE has generally been the most popular meme coin, as its market cap would indicate. Hype and excitement are usually the number one driver for attracting users to a cryptocurrency. It would appear, though, that DOGE has recently been falling off in this metric. “While DOGE has long dominated almost every metric in the memecoin market, it seems to be losing some of its dominance,” says the analytics firm. The interest behind the coin may thus not be at the same level anymore. As for which meme coins have overtaken the cryptocurrency so far, IntoTheBlock notes, “DEGEN currently leads with 129k active traders, followed by DOG with 126k.” Related Reading: Bitcoin 2 Months Through “Euphoria Wave,” How Long Was The Last One? Given this high interest in these memecoins, it’s possible they may be likely to go through some volatility in the near future as all these traders make moves at once. In theory, this volatility can take these coins in either direction, but as the intelligence platform explains, “a strong increase in traders usually coincides with bullish momentum.” DOGE Price Dogecoin had slipped below the $0.17 level last week, but the coin has since bounced back as it’s now trading just under $0.20. Looks like the price of the memecoin has gone stale since its recovery push | Source: DOGEUSD on TradingView Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com
The entirety of the crypto market is experiencing a bloodbath right now after the Bitcoin price dumped below $70,000 and Dogecoin and Shiba Inu are not left out. Both meme coins have seen their values tumble by at least 5% in the last day alone, leaving investors to wonder what could be behind this price […]
Crypto expert Ash Crypto has outlined his price predictions for several crypto tokens, including Bitcoin (BTC), Dogecoin (DOGE), and XRP, heading into this bull run. He also suggested that these price levels could be attained in the next 12 to 16 months. How High Will Bitcoin, Dogecoin, And XRP Rise? Ash Crypto predicted in an X (formerly Twitter) that BTC would rise between $100,000 and $250,000 by 2025. This prediction aligns with those made by other notable crypto analysts. One of them is Skybridge Capital CEO Anthony Scaramucci, who predicted in January that Bitcoin would rise to $170,000 18 months after the Bitcoin Halving. Related Reading: Ripple CEO Makes Bold Prediction For Crypto Market – $5 Trillion In 2024 Source: X Meanwhile, some other crypto analysts will argue that Bitcoin hitting $100,000 could even happen this year rather than 2025. This includes Tom Dunleavy, the Chief Investment Officer (CIO) at MV Capital, who claims that Bitcoin will rise to $100,000 by the end of this year. Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, also predicted that Bitcoin would rise to as high as $150,000 this year. Regarding his price target for DOGE, Ash Crypto predicted that the meme coin would rise to $1 in the next 12 to 16 months. This prediction is also a common sentiment shared by several other crypto analysts and members of the crypto community. Specifically, crypto analyst DonAlt once mentioned that “it isn’t too unlikely for Dogecoin to go to $1,” while crypto analyst Altcoin Sherpa stated that DOGE could do “something silly like go to $1 this cycle eventually.” Ash Crypto also shared his price target for XRP, stating that the crypto token could rise between $3 and $5. This price prediction, however, seems conservative, considering other predictions that crypto analysts have made for the XRP token. Crypto analyst CrediBULL Crypto recently mentioned that XRP could rise to as high as $20 in this market cycle. Meanwhile, Crypto analyst Egrag Crypto has repeatedly stated that XRP hitting $27 is possible. Undervalued Altcoins Make The List Crypto expert Michaël van de Poppe recently included Chainlink (LINK), Celestia (TIA), and Polkadot (DOT) in a list of ten crypto tokens he believes are undervalued. Interestingly, these three altcoins also made their way into Ash Crypto’s list of coins, for which he outlined price targets. Related Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next? For LINK, Ash Crypto predicted that the crypto token could rise to between $250 and $500 by next year. LINK’s rise to such levels would undoubtedly be massive, considering it currently trades at around $17. Ash Crypto also predicted a parabolic surge in TIA and DOT’s prices, as he believes they could rise to as high as $150 and $120, respectively. DOGE price rises above $0.2 resistance | Source: DOGEUSDT on Tradingview.com Featured image from CoinGape, chart from Tradingview.com
On-chain data shows a Dogecoin whale made a large withdrawal from Binance today, which may be bullish for the memecoin’s price. A Large Amount Of Dogecoin Has Left The Binance Platform In The Past Day According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Dogecoin blockchain during the past day. In this move, the network has processed the movement of 304,588,737 DOGE, worth around $52.3 million when the transaction was executed. Given the large scale of the transfer, it’s likely that a whale entity was involved. The whales are influential on the network due to the sheer number of tokens they carry in their wallets. As such, their moves can be worth keeping an eye on since they may cause noticeable fluctuations in the market. Related Reading: This Bitcoin Indicator May Have Signaled Latest Market Downturn In Advance How the market would be affected by the moves from these humongous entities depends on what they intend to do with those moves. Naturally, it’s impossible to say what an investor plans to do confidently. The type of addresses involved in the transaction, however, can sometimes at least provide a hint about what the whale may have wanted to achieve with the move. Below are the details of the latest Dogecoin whale transaction, which reveals its relevant addresses. Looks like this massive move only required a negligible fee of $0.03 to be possible on the Dogecoin blockchain | Source: Whale Alert As is visible, this Dogecoin transaction was executed from a wallet connected to the cryptocurrency exchange Binance. The destination of the move appears to have been a couple of unknown addresses. An unknown address refers to a wallet not affiliated with any centralized entity like an exchange (the sender in this transfer is a “known” wallet as it’s attached to a central entity in Binance). Generally, such addresses are the investors’ personal, self-custodial wallets. Transfers where coins move in the direction of exchanges to self-custodial entities are known as “exchange outflows.” Usually, investors make such moves when they plan to hold onto their coins long-term, as it’s safer to do so outside of these platforms, where the platforms control the wallets. Exchange outflows can also sometimes be an indication that fresh buying is going on, as some investors like to immediately withdraw their purchases of these platforms. Related Reading: Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss Given the relatively massive scale of the Dogecoin exchange outflow in the current case, it can naturally be bullish news for investors if the whale is indeed accumulating here. However, the scenario also exists where the whale has withdrawn to sell through the peer-to-peer (P2P) mode. In this case, the effect on the asset could be bearish instead. DOGE Price At the time of writing, Dogecoin is floating around $0.176, down 16% over the past week. The price of the asset seems to have been going down recently | Source: Whale Alert Featured image from Mike Doherty on Unsplash.com, chart from TradingView.com
Crypto analyst Mikybull Crypto has laid out a bullish narrative for the foremost meme coin, Dogecoin (DOGE). Based on his analysis, DOGE is bound to breach its all-time high (ATH) on its way to unprecedented heights in this bull run. Time For Dogecoin To Run To $1 Mikybull Crypto revealed in an X (formerly Twitter) […]
Crypto analyst Crypto Kaleo recently suggested that now was the best time for investors to position themselves in Dogecoin (DOGE). This came following his statement, which hinted at a price surge for the foremost meme coin in the coming days. Why Now Might Be A Good Time To Invest In DOGE In an X (formerly […]
The Dogecoin price is down double-digits today after an eventful week of upward movement. This has seen a good part of its gains eliminated in the last day, pushing the coin into the red along with the rest of the market. Why Dogecoin Price Is Down This Week Dogecoin started out Tuesday on a sour […]
Dogecoin and Shiba Inu are trending higher than they were a year ago, but they are still a long way from their 2021 all-time high prices. While they both feature prominently in the top 20 cryptocurrencies by market cap, they are still far below the market cap of Ethereum, the second-largest cryptocurrency by market cap. […]
Dogecoin influencer, Mishaboar has predicted the timeline for Dogecoin’s native token, DOGE to be integrated into Elon Musk’s X Payments. The developer has highlighted key phases and plans that must be accomplished before cryptocurrency payments are potentially added on X. Developer Forecasts Dogecoin in X Payments Within 5 Years In a recent X (formerly Twitter) […]
Dogecoin has soared toward a new record in one notable metric as interest in the meme coin continues to surge. This time around, the holder base of the cryptocurrency has reached a new all-time high, signaling rapid adoption among crypto investors. Dogecoin Holders Cross 6.9 Million The month of March has come with glad tidings for Dogecoin. Not only has the meme coin’s price risen tremendously this month, its holder base has also seen a lot of growth. This month, the total DOGE holder base crossed 6.9 million for the very first time, setting a new record. However, the meme coin is not anywhere near done as the number continues to rise. Related Reading: Here’s Why The Cardano Price Is Struggling Below $0.7 According to data from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the last month, the number could cross 7 million before the month of March is over. This new record is a testament to the adoption that DOGE has witnessed over the last few months. Despite competitors such as BONK, PEPE, and WIF springing out of the woodwork, as well as its fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin has dominated as the leading meme coin. To put this growth in perspective, the DOGE holder base started out the year 2024 with around 6.06 million holders. Three months later, it is more than 6.9 million, meaning that the holder base grew more than 14% during this time. DOGE Outlook Continues To Be Bullish In addition to the rapid rise in Dogecoin holders, there has been a notable uptick in other metrics, such as daily transaction counts, whale transactions, and age consumed. These point to a rise in bullish sentiment among investors who expect the price to keep going up. Related Reading: Fifth Largest Bitcoin Whale Moves $6 Billion In BTC, Here’s The Destination The age consumed is particularly important here since it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed. Another metric that has shown a significant increase is the daily transaction volume which is up almost 50% in the last day. This uptick shows more interest in trading Dogecoin and with its price surging in the last day, it suggests that the majority of this volume is skewed toward buying rather than selling. The DOGE price is currently reflecting this surge in interest as its price is up almost 10% in the last day. However, the bears continue to maintain resistance around $0.2, forcing the meme coin back downward. DOGE price at $0.2 | Source: DOGEUSDT on Tradingview.com Featured image from Capital.com, chart from Tradingview.com
Dogecoin has once again grabbed the attention of the broader crypto community, as a developer announces a groundbreaking new use case, aiming to boost utility and offer enhanced functionality for DOGE users globally. Dogecoin To Empower The Unbanked In a recent X (formerly Twitter) post, Timothy Stebbing, a developer for Dogecoin Foundation, unveiled an innovative […]
Dogecoin has been quite strong over the weekend despite other assets in the crypto space taking a beating. This has seen the meme coin favor long traders during this time. However, bulls are not completely out of the woods and a drop in price from here would be detrimental to the tune of tens of […]
Dogecoin has seen a steady rise in activity in the past two days to reverse the period of stagnancy recorded earlier in the week. At the time of writing, DOGE is up by 7% in the past 24 hours, reversing some of the corrections it has experienced in the past week. Turns out some Dogecoin whales have been going on a massive buying spree, as indicated by on-chain data. Popular crypto analyst Ali Martinez highlighted this accumulation trend by tweeting that DOGE whales have bought over 25 million DOGE worth around $3.75 million in the past three days. Crypto Analyst Reveals Dogecoin Whale Accumulation According to the Santiment chart shared by Ali Martinez on social media, wallets holding between 10 million to 100 million DOGE tokens have now pushed their total balance to 15.63 billion DOGE after adding 25 million DOGE in the past 24 hours. Related Reading: Don’t Panic: The Bitcoin Bull Market Is Far From Over, Quant Says Interestingly, the chart dynamics indicate this is a major change in sentiment from this cohort of traders, as their collective balance has been in a freefall since March 14th. #Dogecoin whales have bought 25 million $DOGE in the past 72 hours, worth around $3.75 million! pic.twitter.com/y1RnRffWhv — Ali (@ali_charts) March 21, 2024 Why Does This Matter? Crypto whales typically move the market. Increased buying or selloff from a few large traders could change the sentiment of other investors, and they could further cascade a price surge or decline. Notably, the chart shared by Martinez shows that the total balance of DOGE’s whale addresses has largely corresponded with the price increase. For example, the drop on March 14 in the total whale balance corresponded with a 33% drop in DOGE’s price from $0.1878 on March 14 to March 20. However, DOGE is now showing signs of recovery and is currently trading at $0.1629. While Dogecoin whales and FOMO buyers may temporarily push DOGE higher, its long term success really depends on whether it can transform from a memecoin into a widely used cryptocurrency. Dogecoin recently scored a point in its bid to achieve mainstream adoption. Coinbase, America’s biggest crypto exchange, revealed plans to introduce Dogecoin along with Litecoin and Bitcoin Cash to its regulated futures contract offerings. Related Reading: Crypto Expert Reveals The Possibility Of Bitcoin Reaching $500,000 According to an earlier prediction by Ali Martinez, DOGE could reach the $1 mark in April. His prediction was based off of the crypto’s performance after similar breakouts in 2017 and 2021. A large part of this prediction coming to manifestation is a bullish sentiment from whale addresses, especially if they continue on an accumulation pattern. A key price level to watch is $0.20. If DOGE breaks above this resistance level, it could continue surging higher on buying momentum. But if it fails to break $0.20 and starts dropping again, it may indicate the rally is running out of steam. DOGE price trending at $0.156 | Source: DOGEUSDT on Tradingview.com Featured image from CryptoRank, chart from Tradingview.com
On-chain data shows whale-related activity on the Dogecoin blockchain has registered a sharp 600% increase over the past month. Dogecoin Whale Transactions Have Exploded In The Last Month According to data from the market intelligence platform IntoTheBlock, DOGE whales have become quite active recently. The on-chain indicator of interest here is the Transaction Count of […]
The Dogecoin (DOGE) network has entered a period of stagnancy, as the number of addresses holding the meme coin has slowed. This is a stark contrast to February and January, when the network experienced a significant expansion. Dogecoin Has Added Only 60,000 New Addresses In March Data from the market intelligence platform Santiment shows that the total number of DOGE holders has increased by only 60,000 since the beginning of this month. At the start of the month, 6.51 million users were holding the meme coin, with this figure only increasing to 6.57 million since then. Related Reading: Bitcoin Whales Enter Full Accumulation Mode: Here’s How Much BTC They Pulled From Exchanges This is unlike February when the total number of DOGE holders rose from 5.92 million to 6.51 million. Specifically, around this same time last month, the network had already seen an increase of 450,000 in the total number of addresses holding DOGE. Meanwhile, NewsBTC reported that over 400,000 new addresses were added in two weeks between January and February. Dogecoin also set a new record in January alone when 247,240 new DOGE addresses were created on January 29. Crypto analyst Ali Martinez noted that a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. That underscores how significant the number of addresses holding the meme coin is. The stagnancy in Dogecoin’s holder activity might also come as a surprise to some in the crypto community, considering the meme coin frenzy that has taken the crypto space by storm. However, a plausible explanation is that meme coin traders aren’t necessarily invested in the prominent meme tokens but have their eyes on the undervalued gems. How Other Top Meme Coins Have Fared Data from Santiment also shows that the other two meme coins, Shiba Inu (SHIB) and Pepe (PEPE), which make up the top three largest meme coins by market cap, haven’t fared better. Shiba Inu hasn’t seen its holder count increase since the beginning of the month, with the total number of users holding the meme coin still at 1.38 million. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern On the other hand, PEPE still has less than 200,000 holders despite boasting a year-to-date (YTD) gain of over 370%. These figures place DOGE firmly ahead of SHIB and PEPE in terms of the number of users they all have. Dogecoin is expected to see its user base pick up once again as soon as there is a renewed interest in network functionalities like the Doginals. At the time of writing, DOGE is trading at around $0.12, down almost 14% in the last 24 hours, according to data from CoinMarketCap. DOGE price at $0.12 | Source: DOGEUSDT on Tradingview.com Featured image from Vietnam Insider, chart from Tradingview.com
The prices of both Shiba Inu and Dogecoin fell double-digits on Friday after Bitcoin dropped below $67,000. This decline has seen both meme coins lose their gains for the last few days, triggering losses for investors and traders alike. But what was the cause of the crash? Dogecoin, Shiba Inu Follow Bitcoin The price eras […]
The world’s richest man, Elon Musk, has broken his silence on when customers will be allowed to use Dogecoin to purchase Teslas. Musk also explained why he is so fond of the meme coin and has continued to support it all this while. Tesla Will Enable Dogecoin Payments “At Some Point” While addressing employees at […]