Dogecoin whales spend $100M on DOGE: Is a bull run next?
Release: 2024/06/01 10:04 Reading: 864
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=396211
Increase in Dogecoin [DOGE] Accumulation and Circulation Drop Hints at Potential Price Rally
Recent data indicates a surge in demand for Dogecoin, as suggested by the increasing 90-day Mean Coin Age (MCA) and a decrease in circulation.
Whale Accumulation
Dogecoin whales holding between 100 million and 1 billion coins have been actively accumulating since May 28th. This buying spree, worth over $100 million, has led to an increase in their holdings from 20.69% to 21.40%.
Bullish Indicators
The rise in whale accumulation could signal a growing demand for DOGE, which could lead to a price increase. At the time of writing, Dogecoin's price was $0.15, having remained relatively stable in the past week.
Mean Coin Age
The 90-day MCA has been rising since early April, indicating that older coins are being moved, often a sign of distribution and potentially lower prices. However, the MCA has been declining in the past three days, suggesting that holders may be opting to keep their DOGE rather than selling.
circulación
The number of Dogecoin in circulation has also decreased, indicating reduced selling pressure. This decline could be a positive sign for the price.
Profitability
Approximately 83% of Dogecoin holders are in profit, according to IntoTheBlock. This percentage could increase as the price begins to move upwards.
Conclusion
The combination of increased whale accumulation, decreasing MCA, and lower circulation suggests that Dogecoin may be poised for a rally. However, continued validation of these bullish metrics is necessary to confirm a sustained price increase.
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