Recently, Dogecoin‘s (DOGE) on-chain data has shown positive signs, implying that the meme coin could be gearing up for a notable price increase. Yet, contrary to this optimistic outlook, Dogecoin’s value has instead dropped in recent times.
Dogecoin On-Chain Metrics Are Bullish
According to market intelligence platform IntoTheBlock, approximately 83% of Dogecoin investors are currently making a profit with the coin’s current price. Surprisingly, instead of selling their tokens, these investors have decided to hang on to them, hoping for more price increases in the future. This optimistic outlook is further supported by data from IntoTheBlock indicating that over 65% of Dogecoin investors have owned the token for more than a year.
Recently, there’s been a trend among Dogecoin investors: instead of continuously selling their coins, they’re moving larger quantities to personal wallets for secure storage. Data from the blockchain reveals that more DOGE tokens have left exchanges than entered them. For instance, a major investor transferred 150 million DOGE tokens, equivalent to approximately $23.3 million, from Robinhood to an undisclosed wallet.
Some positive events contribute to Dogecoin’s optimistic forecast. The annual “DOGE Day” is scheduled for April 20th, and according to crypto expert Myles G, this meme coin may witness a bullish comeback on that day, potentially reaching $0.26.
Around the same time, the Bitcoin Halving is expected to occur, which could further boost Dogecoin’s positive story. Additionally, starting from April 29, Coinbase will offer Dogecoin futures contracts for institutional investors. This announcement might lead to increased attention towards Dogecoin. Considering these advancements, one may ponder why Dogecoin’s price has not shown more significant growth.
Why DOGE’s Price Is Down
Right now, Dogecoin’s price appears to be influenced by the negative mood prevailing in the larger cryptocurrency market. On April 12, the meme currency experienced a notable surge, aiming to surpass the $0.20 mark as resistance. However, this upward trend was disrupted when investors started selling off their crypto holdings en masse. The sell-offs were fueled in part by geopolitical tensions between Iran and Israel, leading to Dogecoin’s price plummeting.
After that point, the value of Dogecoin and other cryptocurrencies has continued to decrease as investors cautiously watch for any response from Israel towards Iran. If Israel decides against further escalating the situation, the market may recover. But there’s a risk of greater instability if Israel opts for military action.
Currently, DOGE is priced at approximately $0.15 during this writing process. However, its value has decreased by more than 5% within the past 24 hours based on information from CoinMarketCap.
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2024-04-16 18:11