In a recent development, the price of Dogecoin (DOGE) is poised for a potential surge to its all-time high. Analysis from IntoTheBlock reveals a crucial factor influencing this resurgence: the absorption of 21.74 billion DOGE, currently concentrated within a price corridor ranging from $0.1636 to $0.671.
This sizable volume, held across 953,590 wallets, presently burdens its holders with losses. However, should this supply block be resolved, DOGE could witness a significant price uptick.
Despite the optimistic outlook, experts caution that the absorption process could introduce sell pressure onto the market as the price corridor transitions. Presently, DOGE is valued at $0.152, with its peak at $0.74, highlighting the potential for substantial gains.
Notably, the volume in question represents only a fraction of Dogecoin addresses. Data indicates that 5.13 million addresses hold 122.75 billion DOGE, constituting 81.05% of all addresses. While this substantial ownership provides a strong foundation for meme cryptocurrency, it also poses the risk of intensified sell pressure.
In this context, while on-chain indicators suggest a clear path to a new price high for DOGE, speculation abounds regarding the market's response. The Dogecoin community grapples with speculation on how various factors, including investor sentiment and external market dynamics, will influence the popular meme cryptocurrency's price trajectory.