- Large wallets cop more DOGE as price declined.
The overall trend remained negative despite a slight increase.
As a seasoned crypto investor with years of experience under my belt, I’ve seen my fair share of market ups and downs. And Dogecoin [DOGE], with its meme-inspired origins, has always been an intriguing yet unpredictable asset in my portfolio.
In the last several days, Dogecoin‘s [DOGE] value has been decreasing, marking the end of an unfavorable trend from the previous month, which has persisted into the current month.
Despite this negative price movement, notable accumulation has been observed in certain wallets.
Dogecoin needs more positive momentum
Over the past week, the Dogecoin daily chart has shown that the coin saw price increases on just three out of the seven days.
In the last seven days, while there have been some minor improvements, the net effect has still been a decrease. These small gains didn’t manage to reverse the overall trend of decline.
At present, the value of DOGE is approximately $0.158 in the market, representing a minimal gain of under 1%. Notably, it surpasses its short-term Moving Average (represented by the yellow line). This implies that the bullish trend continues for DOGE at the moment, despite the prevailing downward trend.
An examination of its Relative Strength Index (RSI) signaled a change in its bullish momentum. At present, however, its bearish trend showed only modest strength, with the RSI hovering slightly below the threshold for neutrality.
For DOGE to revert to a bull trend, it must sustain a more positive price momentum.
Whale Dogecoin wallets accumulate more
Examining the transaction history of Dogecoin wallets uncovered the fact that some wallets have bought more of the meme cryptocurrency, even as its price dropped.
Based on Santiment’s supply distribution chart, approximately 200 million DOGE have been amassed by these addresses from late May up to the current time.
Wallets containing between 100 million and 1 billion Dogecoin tokens have seen an uptick in ownership.
As a researcher studying Dogecoin (DOGE) wallet holdings, I’ve discovered that an uptick in accumulation has been observed among wallets containing between 100,000 and 1 million DOGE coins.
DOGE holders remain the same
Although the amount of Dogecoin in circulation has grown noticeably, the count of individual holders has remained stagnant according to recent data from Santiment. The graph depicting this information shows a consistent pattern with little variation over the last several weeks.
From my perspective as a crypto investor, the latest data shows approximately 6.6 million unique holders as of now. Compared to the numbers seen back in May, this figure remains fairly constant. Consequently, it appears that the increase in supply is being absorbed by current wallet holders rather than new entrants.
Furthermore, there has been no significant volume trend in the past few days.
As an analyst, I’ve noticed that the volume has dipped somewhat in the past few days, reaching a total of $835 million at present. This indicates a decrease in market activity during this timeframe.
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2024-06-05 01:11