- Large holders have accumulated millions of DOGE.
DOGE saw an over 1% price increase.
Based on my analysis as an experienced financial analyst, the recent accumulation trend among large Dogecoin holders and the corresponding increase in price could be a promising sign. However, it is essential to remain cautious, as DOGE‘s price trend remains bearish, with significant volatility.
In spite of Dogecoin (DOGE) experiencing a downturn in its recent pricing, major investors have persisted in acquiring even greater quantities of this meme-inspired cryptocurrency.
The increasing hoarding of Dogecoin by major investors may have contributed to its price fluctuations.
Large Dogecoin addresses accumulate tokens
AMBCrypto’s analysis of large Dogecoin addresses revealed a recent uptick in accumulation.
Approximately 21% growth has been observed in the number of DOGE addresses containing between 100 million and 1 billion coins since then, and this trend persists.
As a crypto investor, I’ve observed that the percentage of my portfolio allocated to Bitcoin was approximately 20% by the 6th of May. This implies that an extra 1% had been added since then, as I write this text.
The increasing number of large-scale acquisitions of DOGE by various addresses indicates a rising interest in this cryptocurrency, even as its prices have remained relatively stagnant recently.
A bullish signal indicates that these addresses hold a optimistic outlook, expecting a possible price rise for the asset in the upcoming period.
Netflow shows high large holders’ activities
Based on data from the 7th of May, I, as a Dogecoin investor, observe that the Large Holders Netflow amounted to around 265.86 million DOGE, which is approximately equal to $41.2 million in value.
As an analyst, I’ve observed a significant surge in the negative DOGE Netflow, which reached a peak of approximately -342 million DOGE after a previous drop. However, at present, the Netflow for DOGE has decreased to roughly 49.3 million DOGE, indicating a downturn in the network’s DOGE traffic.
The Large Holders Netflow metric is an essential instrument for tracking the transactions of significant investors, including those owning more than 0.1% of the total available supply.
Significant market players often contribute to rising Netflows, which can be interpreted as a bullish sign. Conversely, declining Netflows might suggest that major investors are either reducing their holdings or engaging in selling activities.
Total number of holders remains steady
Analysis of the total number of Dogecoin holders indicated a stable trend over the past few months.
An analysis of the Santiment chart indicated that the figure fluctuated regularly between approximately 6.64 million and 6.63 million.
At press time, the count stood at 6.63 million, with the chart displaying a flat trajectory.
The consistency in the number of major investors indicates that although some may be shifting positions, the total pool of investors has remained relatively stable.
This could signal that the price is unlikely to experience a significant downtrend soon.
DOGE remains bearish
The current behavior of whales in the market might have contributed to the surge in Dogecoin’s value. At the moment, Dogecoin is being exchanged for approximately $0.144 per coin, representing a more than 1% rise in its price.
Previously, DOGE underwent a series of three successive price drops, causing its value to decrease from $0.15 to $0.14.
However, to shift from its current bearish trend, DOGE would require sustained upward movements.
From my perspective as a researcher, the stock’s Relative Strength Index (RSI) was hovering above the 45 mark yet under the neutral line at present. This signified that there might be more price swings in store.
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2024-05-10 05:11