If Dogecoin reaches a point where a substantial amount of coins are set to become profitable for their owners, it’s possible that we could witness a swift sale of coins, which in turn might cause the price to drop. It’s not uncommon for investors to sell when they have the opportunity to realize gains.
10 Billion DOGE Headed For Profit
It’s intriguing to note that if Dogecoin surpasses $0.17, it could bring about contrasting outcomes for its price. This is due to the fact that a significant amount of DOGE coins were purchased between $0.15 and $0.168, resulting in these coin holders experiencing profits once the price goes beyond $0.17.
Based on information from IntoTheBlock, around 10 billion DOGE coins remain stationary at this price range, ready to advance and reach profitable levels. At present market prices, this equates to over $1.58 billion being held in place until the $0.17 mark is recaptured.
If the meme coin’s price goes beyond $0.17, this development would be favorable. However, it could trigger a sell-off among some investors who have grown tired of waiting for gains since the beginning of 2023. With Dogecoin’s price remaining stagnant for most of 2023 before experiencing a rise in March 2024, investor enthusiasm might wane. Consequently, some holders could decide to sell their coins once they see any profit.
An investor may reconsider selling if the price reaches beyond $0.17 because the profit wouldn’t be substantial enough for many. Instead, they could prefer holding on for higher prices and securing better gains.
What Happens To Dogecoin In The Event Of A Sell-Off?
Currently, the Dogecoin price is currently 7% short of reaching the $0.17 mark. This gap leaves some room for the price to rise and touch this level. However, if a significant number of DOGE investors choose to sell their coins instead, there’s a risk that the Dogecoin price could drop back down towards the $0.15 support.
In spite of the potential for a drop in value, there’s still a strong optimistic outlook among investors regarding the meme coin DOGE. Several crypto experts anticipate that DOGE’s price will significantly increase based on their analyses. For instance, Altcoin Sherpa is convinced that DOGE will perform exceptionally well in 2024 and surpass many other altcoins in terms of growth.
Analyst Ali Martinez shared that the meme coin, Dogecoin, has moved into the buy area, making it an attractive option for investors looking to accumulate. Martinez predicts that the DOGE price could surge by as much as 700% more to surpass the $1 mark and establish a new record high.
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2024-04-24 03:11