Dogecoin holders accumulate 2.07 billion tokens, signaling increasing demand and interest with the memecoin.
- Dogecoin holders accumulated 2.07 billion tokens over the past week. DOGE has declined by 8.87% on the weekly charts.
Over the past week, memecoins have experienced extreme volatility. Dogecoin [DOGE], the largest memecoin by market cap, has not been spared as well.
At press time, DOGE was trading at $0.1076. This marked an 8.87% decline on weekly charts and an extension of the bearish trend by 5.24% over the past 24 hours.
Prior to this decline, DOGE had been on an uptrend, hiking by 12.35% on monthly charts.
Since hitting a local high of $0.132, the memecoin has failed to maintain an upward momentum, thus hitting a local low of $0.101.
Despite the recent dip, the prevailing market sentiment suggested that Dogecoin was preparing for a rally.
Holders accumulate 2.07B DOGE
While DOGE has experienced a decline on its price charts, holders were continually accumulating.
Source: X
According to the report, Dogecoin holders have accumulated 2.07 billion tokens over the past week.
This means that buyers are entering the market utilizing the recent dip, anticipating further decline. The increased trading activities have been witnessed with increased trading volume over the past day.
According to CoinMarketCap, trading volume has surged by 32.8% to $810 million over the past 24 hours.
When Dogecoin holders made such an accumulation in January 2024, the memecoin experienced an exponential surge from $0.074 to $0.209–182.43%!
If history repeats itself, then DOGE is set for a parabolic surge in the near future as well.
What DOGE’s charts say
As observed above, the current market condition could set Dogecoin for further gains on price charts.
Source: IntoTheBlock
For example, Dogecoin’s daily active addresses have surged from a low of 66.49k to 89.92k. Thus, many participants were actively engaging with the blockchain, also showing a potential for future price appreciation.
Source: IntoTheBlock
Additionally, large transaction volume has surged from a low of 4.81 billion to 10.27 billion DOGE tokens. At the same time, large transactions have increased from 956 to 1.1k.
Finally, Dogecoin’s options volume has surged by 576.95% to $86.78 million over the past 24 hours. This suggested that investors were bullish and anticipated prices to rise further.
This was further supported by a surge in Options Open Interest in 126.25% to $148.32k. When this increases while volume also increases, it suggests positive market sentiment.
Source: Coinglass
Simply put, Dogecoin is experiencing strong positive market and investor favorability. As such, if the current market sentiment holds, DOGE will break out from the next significant level of $0.11105.
A breakout from this level will see Dogecoin attempt $0.128 resistance in the short term. In a very bullish scenario, the memecoin will hit $0.134.
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