HODL DOGE or exit position will be more profitable?
DOGE’s market cap is currently $ 33.4 billion and despite the decline in trading volume over the past 24 hours, the price of the altcoin is still rising. However, compared to $ 0.73 ATH, the current price is 65% lower.
DOGE price table | Source: Tradingview
Based on the price chart, DOGE is recovering from the $ 0.20 plunge after the June 22nd 2021 crash. It’s worth noting that in every bear market, DOGE has a strong HODLer base based on on-chain data from Intotheblock. The proof is that despite the increase in volume in the past, the number of addresses DOGE send has decreased.
Number of DOGEs sent by addresses | địa source: Bitinfocharts
While the goal of Dogecoin is to move around freely and have greater liquidity in order to become a global payment mechanism, HODLing has added value and supported a higher price for this asset. And based on the table above, the amount of DOGE issued by addresses has decreased, as evidenced by the history of the number of HODLers increasing with each decrease.
Additionally, the HODLer is likely to buy the dip. DOGE is currently profitable for HODLers holding at least 90 days to a year based on Messari’s ROI metrics. The social volume is the most important and most important driver, which comes second after the HODLer metric. According to HODLer data, 69% of HODLers are profitable at current prices and the concentration of large HODLers is up to 66%.
Based on IntotheBlock’s HODLer data, large transactions of $ 35.82 billion were recorded in the past week, adding value to DOGE.
The volume of social media is falling right now and this is a sign of an impending bull run. So should HODL DOGE or get out while HODLer continues to accumulate? From the above numbers, it is likely that HODLing DOGE will be profitable as the large wallet inflows increase. However, if day traders are looking for a high short-term ROI, consider selling DOGE to buy other altcoins.
You can see the DOGE prices here.
Disclaimer of liability: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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