DOGE may be the “national” coin, but it still lacks that | News Oct 24
In a short time, DOGE has made a name for itself through relevant news alone. But when things calm down, the price levels off in the charts, or rather stagnates.
However, this did not stop DOGE from growing further. According to some, DOGE is slowly becoming the “national” coin, not by use cases, but by popularity.
DOGE sets a record
Yesterday, DOGE overtook the stablecoin USDC in a short time and became the ninth largest cryptocurrency on the market. With a market cap of $ 32.5 billion, this is truly an accomplishment for coins with no intrinsic value like DOGE.
However, regardless of investor interest, DOGE is still showing stagnation. With the exception of October 18, the volume fell below the $ 1 billion mark.
Additionally, DOGE owners tend to cut losses as the market has seen long liquidations worth over $ 5 million in the last 4 days alone.
liquidation DOGE | Source: Coinalyze
Although the number of investors is growing at a rate of nearly 30,000 new addresses per day, the number of transactions continues to weaken.
Number of transactions (green) | Source: intotheblock
One of the reasons for the lack of exercise is that people choose HODL. The number of owners of 1-3 months is increasing. At the same time, the number of owners will decrease from 3-6 months if they keep holding. This resulted in a 7.3% increase in coins (5 billion DOGE, valued at $ 2.5 billion) by owners from 6 to 12 months in just 20 days.
holder DOGE by age | Source: intotheblock
However, the aforementioned immobility could change once DOGE is flooded with new money. If history repeats itself, a tweet from “Godfather DOGE” or the famous Shark Tank Mark Cuban is enough.
In addition, DOGE is a social coin that everyone wants to have. In fact, a recent report states that DOGE is the most famous and most preferred altcoin on the market.
Even the top coins like ADA, SOL and XRP pale in comparison to DOGE.
DOGE is preferred asset after Bitcoin and ETH | Source: Cardify
But how many of these interested parties actually become investors? An answer is not yet possible as DOGE is currently not showing any clear bullish signs.
DOGE price hasn’t touched the $ 0.25 resistance since crashing in September but has repeatedly tested the $ 0.234 support.
law Price DOGE | Source: TradingView
So if investors step in or something constructive happens, we could see prices go up and the number of participants go up. This leads to higher profits.
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