DOGE’s social on chain indicators are okay, although investors are taking profits
In the past, DOGE has been ridiculed for its lack of development. Fortunately, due to the increased development activity so far, the team is fixing this. However, it may mean that it lost investors because they have been angry since then.
The investors DOGE
From October onwards, DOGE investors showed interesting behavior.
First of all, the 7/11 anomaly happened to DOGE too. As with all altcoins, the number of DOGE investors soared with 1.9 million addresses added within 24 hours.
Number of locationsa fair one DOGE To have balance | Source: Intotheblock
Interestingly, the volume of trade soared to $ 11 billion during this period as well. Compared to the average DOGE volume, this is more than three times as high, which confirms that the address increase is natural. The cause of this event has not yet been clarified.
Trading volume DOGE | Source: Intotheblock
However, the more interesting development for DOGE is that the meme-coin lost a large number of medium- and long-term holders just before the beginning of November.
The group’s portfolio of 3 months to 3 years lost the most, with a total of 24% of this group’s DOGE range being sold.
Investors medium-long term sold out | Source: Intotheblock
The main reason for investors is the price increase of 26% on October 29th. The offer was sold out, the owners bought 1 day and 1 week as their offer increased by 31% in just 48 hours. However, within a week this offer reached the owners of 1 week to 1 month and they currently have 46 billion DOGE (35% of the total offer).
The investors short-medium term purchase | Source: Intotheblock
Where was Team DOGE all the time?
Fortunately, the HODLing trend is just building up again. It seems that investors have calmed down as there is some degree of immobility to be seen in the on-chain stats.
However, the DOGE team is actively focused on making Dogecoin more popular and profitable. The development team continues to publish updates on a regular basis.
In addition, by joining the TeamSeas movement, DOGE also wants to improve its social presence. With over 119,000 DOGE collected in 4 days, the effort paid off as volume, dominance, and psychosocial scores increased.
donate DOGE for TeamSeas | Source: Dogecoin
Put simply, DOGE continues to make sure it stays socially relevant no matter what investors do.
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According to AMBCrypto