Dogecoin Owners Accumulate 2.07 Billion Tokens: A Sign of a DOGE Rally
Contributor
- Dogecoin holders have acquired 2.07 billion tokens over the past week.
- DOGE has decreased by 8.87% in weekly performance.
Memecoins have encountered significant volatility recently. Dogecoin [DOGE], the leading memecoin by market cap, was not exempt from this trend.
At press time, DOGE was valued at $0.1076, reflecting an 8.87% drop for the week and extending a 5.24% bearish decline in the last 24 hours.
Before this downturn, DOGE was experiencing an uptrend with a gain of 12.35% over the month.
After peaking at a local high of $0.132, the memecoin could not maintain its bullish trajectory and hit a local low of $0.101.
In spite of these recent losses, market sentiment remains optimistic that Dogecoin might be on the verge of a rally.
Holders acquire 2.07 billion DOGE
Even as DOGE’s price fell, holders actively engaged in accumulation.
Acknowledgment: X
The report indicates that Dogecoin owners have accumulated a total of 2.07 billion tokens during the previous week.
This suggests that buyers are entering the market to capitalize on recent price drops while anticipating further declines ahead. Trading volume surged within just one day, suggesting heightened trading activity; CoinMarketCap notes that trading volume rose by 32.8%, reaching $810 million within the last 24 hours.
A historical reference from January 2024 shows when Dogecoin owners accumulated similarly; it resulted in an impressive rise from $0.074 to $0.209 (an increase of 182.43%)!
If history repeats itself, we could soon see DOGE undergo substantial growth once again.
What do current charts reveal about DOGE?
The current market conditions may favor gains for Dogecoin’s price movement
For example , daily active addresses using dogecoin experienced growth from approximately43000 to89000.. Many participants appear to be actively engaged with blockchain technology , which suggest potential upcoming price increases . p >
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