After a sharp drop of over 16%, the price of dog coins fell back to $0.0789, rising only 1% since March 24th
- After a sharp drop of over 16%, the price of dog coins fell back to $0.0789, rising only 1% since March 24th.
- The participation of DOE holders has significantly increased, with the proportion of active addresses increasing to over 2%
- Whales continue to rise, accumulating over 80 million DOGE addresses within five days.
The price of Dogecoin has been heavily hit in the past few days, as memecoin has closely followed in the footsteps of cryptocurrency leader Bitcoin. Surprisingly, however, the DOGE investment
They did not jump out to claim any profits they might have, but instead stood firm to prevent a major collapse.
Dog Coin Investors Retreat
Usually, after reaching its peak, the DOGE holder tends to cash out before forming a series of red candles on the chart. Although this time, investors in Gougou Coin have decided to take a different path and instead rely more deeply on counterfeit coins.
At the time of writing this article, the price of dog coins decreased by nearly 16.5% or more between April 19th and April 23rd, with a trading price of $0.0789. This crash, at some point in the day, brought the counterfeit currency back to the same price as a month ago.
Interestingly, the Relative strength index (RSI) is also slightly lower than the bearish area since March 24, indicating that there is still some pessimism.
However, investors are attempting to quell this situation by maintaining a bullish outlook on meme coins. As the new address increased to 4.49 million, the network continued to pay attention to the strong interest of DOE holders, maintaining the momentum of adding 230000 investors this month.
But it's not just new investors showing bullish sentiment, as old dog coin holders have also been very active.
The number of trading addresses has increased in the past three weeks, with active addresses accounting for an average of 1.8%, reaching 2.43% at one point. This ratio measures the ratio of the number of active addresses to the total number of addresses holding balances, currently at 4.49 million.
Ratio of active addresses in Dogcoin
In addition, as always, whales continue to play an important role in the performance of DOGE. As the price of Dogecoin fell, the group holding 1 million to 10 million balances began to increase their holdings in meme coins. During the 16.5% decline in counterfeit coins, these whales accumulated over 80 million DOGE worth over 6.3 million US dollars.
Dog coin whale activity
These actions often prevent greater crashes and support faster recovery of digital assets, which is essential for the price of dog coins. This is because, unlike other counterfeit currencies, DOGE has not yet reached a new high in 2023, so it needs to break through the $0.0959 barrier.
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