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Over the past 24 hours, Dogecoin (DOGE) has been on a wild ride, proving to be one of the best performing coins in the cryptocurrency market. This move is here to stay, as there has been a massive increase in profitable addresses.
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Although expectations from Quincodex Dogecoin is expected to see a drop of around 14% by the end of September, but that has done nothing to dampen investor enthusiasm. In fact, for many, it signals another turn in Dogecoin’s somewhat unexpected journey.
At the time of writing, DOGE is trading at $0.1083, down 3.6% in the last 24 hours, but It achieved a 9% increase. Last week, data from Coingecko showed.
More titles become profitable
In total, this recent price surge has seen 73% of Dogecoin addresses convert to “profitable coins.” That equates to 4.72 million addresses currently in profit.
On the other hand, there are 1.61 million addresses, which is 25.04%, which is still in the red. There is also a small percentage ᅳ1.34%ᅳ that is at the breakeven point.
But here’s the really interesting part: Many analysts claim that if DOGE can overcome the resistance at $0.139, the number of profitable addresses will rise to 80%. This is important because it would boost confidence among investors, leading to more buying and possibly a price spike.
Whales are not worried.
With talk of a potential price drop, whales – the big players in the Dogecoin market – are not far from being disturbed.
What Data from Santiment It has also been revealed that holders of these massive coins are actually accumulating their DOGE holdings. Those who own between 100,000 and 1 million DOGE represent 6.14% of the total supply.
Those holding between 10 million and 100 million DOGE have also locked their holdings and now represent 12.92% of the supply at the time of publishing this report.
This steady accumulation reveals a whale community willing to play the long game, ignoring short-term volatility while betting on Dogecoin in their wallet.
Importance 0.139
Dogecoin needs to gain strength above $0.139 in order to make a significant move towards a significant change. The level comes from a long-term moving average, and what is rather interesting is that it is very difficult: in fact, it has statistically played as a long-term hard resistance for DOGE.
In fact, if this level is exceeded, there will be a significant spike in profitable addresses. This in turn could lead to increased buying pressure, pushing the price even higher.
Conversely, if DOGE fails to rise above this critical level, the expected decline may materialize, leading to a period of consolidation.
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Mixed feelings about the future
So what’s next for Dogecoin? Sentiment is a bit mixed. The Fear and Greed Index is currently at 54-neutral, indicating that the market is not embracing extreme fear or overwhelming greed.
Over the past 30 days, DOGE has had 33% green days, which means There is activity in the market.It’s not hot, but at least it’s not stagnant. There’s enough action going on to keep things interesting.
Overall, Dogecoin is likely to remain as unpredictable as ever. Whales believe in its long-term potential and increasing profitable titles. But with a possible decline on the horizon, caution remains the name of the game.
If there is anything that long-term holders and short-term traders have in common, it will be clear that Dogecoin will be the coin you cannot afford to ignore closely over the coming weeks.
Featured image from Screen Rant, chart from TradingView
