Recently, Dogecoin (DOGE) could experience a significant jump in price and reach a new peak, according to recent analysis by IntoTheBlock. The reason for this potential increase is the absorption of approximately 21.74 billion DOGE coins within a price range between $0.1636 and $0.671.
With over 953,590 wallets currently holding it, this large amount of Doge is causing losses for its owners at the moment. But if the issue preventing the circulation of this supply is addressed, there’s potential for a substantial price increase for Doge.
Although experts are hopeful, they warn that the absorption process might lead to increased selling in the market as the price range shifts. Currently, DOGE is priced at $0.152, and its highest point was $0.74, suggesting significant opportunities for growth.
Significantly, just a small portion of Dogecoin addresses is represented by the volume in question. According to the data, approximately 5.13 million addresses own around 122.75 billion DOGE, accounting for about 81.05% of all Dogecoin addresses. This substantial ownership forms a solid base for the meme cryptocurrency; however, it also brings potential risks in the form of increased sell pressure.
In the current situation, the signals from DOGE‘s on-chain indicators point towards a potential new peak in its price. However, there is much debate amongst traders about how different elements, such as investor mood and broader market conditions, might impact Dogecoin’s price trend. The Dogecoin community is actively discussing these possibilities.
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2024-04-17 18:20