Dogecoin holders pile on 2.07B tokens: Sign of DOGE’s rally?

As a seasoned crypto investor with a knack for spotting trends and reading market signals, I find the recent developments surrounding Dogecoin [DOGE] quite intriguing. Despite the 8.87% weekly decline and the 5.24% drop over the past 24 hours, it’s important to remember that history has a tendency to repeat itself in the crypto world.

For the last seven days, meme-based cryptocurrencies like Dogecoin (DOGE) have shown significant price swings or instability in their value. Even the biggest meme coin, Dogecoin, hasn’t escaped this volatility trend.

Currently, Dogecoin (DOGE) is being exchanged for approximately 0.1076 US dollars per coin. This represents a decrease of 8.87% over the course of the week and an extension of the downward trend by 5.24% in the last 24 hours.

Prior to this decline, DOGE had been on an uptrend, hiking by 12.35% on monthly charts.

After reaching a peak of $0.132, this memecoin hasn’t been able to keep its upward trend going, causing it to drop down to a new low of $0.101.

Even though there had been a recent decline, the general feeling among investors indicated that Dogecoin was gearing up for an upward trend.

Holders accumulate 2.07B DOGE

While DOGE has experienced a decline on its price charts, holders were continually accumulating.

Dogecoin holders pile on 2.07B tokens: Sign of DOGE’s rally?

According to the report, Dogecoin holders have accumulated 2.07 billion tokens over the past week.

In simpler terms, this suggests that investors are jumping into the market right now, taking advantage of the current price drop and predicting it may fall even more. There’s been a noticeable spike in trading activity, as evidenced by the higher trade volumes observed over the last 24 hours.

As reported by CoinMarketCap, the trading volume has significantly increased by approximately 32.8%, reaching a total of $810 million in the last 24 hours.

In January 2024, when Dogecoin owners amassed a significant quantity, the meme-based cryptocurrency saw a dramatic increase, skyrocketing from $0.074 to $0.209 – a staggering growth of 182.43%!

If history repeats itself, then DOGE is set for a parabolic surge in the near future as well.

What DOGE’s charts say

Based on what we’ve seen so far, the market situation may lead to potential price increases for Dogecoin.

Dogecoin holders pile on 2.07B tokens: Sign of DOGE’s rally?

The number of daily Dogecoin users has significantly increased from around 66,000 to approximately 89,920. This suggests that many people are actively using the blockchain, potentially indicating a promising outlook for future price growth.

Moreover, there’s been a significant increase in high-volume transactions with Dogecoin (DOGE), rising from 4.81 billion to 10.27 billion tokens. Simultaneously, the number of large transactions has grown from 956 to approximately 1,100.

Over the last 24 hours, I’ve observed a substantial increase of 576.95% in Dogecoin’s options volume, reaching an impressive $86.78 million. This surge indicates a strong bullish sentiment among investors, suggesting they expect Dogecoin prices to climb even higher.

This significant rise in Options Open Interest by 126.25%, amounting to $148.32k, also lends credence to the fact. An uptick in both open interest and trading volume typically indicates a favorable outlook within the market.

Read Dogecoin’s [DOGE] Price Prediction 2024–2025

Essentially, Dogecoin is currently enjoying a surge in market popularity and investor support. If this trend continues, it’s likely that Dogecoin will surpass its next key resistance point at approximately $0.11105.

Leaving this current stage could lead Dogecoin to challenge the immediate resistance at around $0.128. If the market sentiment remains extremely optimistic, there’s potential for Dogecoin to reach as high as $0.134 in the near future.

2024-10-09 02:16

Holders accumulate 2.07B DOGE

What DOGE’s charts say

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