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Dogecoin Sees 4 Billion Coins Traded Within 24 Hours, Time for Another Price Move?

Mon, 09/05/2022 - 10:41
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Tomiwabold Olajide
Analysis of top 100 Dogecoin holders on BSC indicates whopping 414% rise in trading volumes
Dogecoin Sees 4 Billion Coins Traded Within 24 Hours, Time for Another Price Move?
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According to CoinMarketCap data, 4 billion (4,037,300,989) DOGE worth $243,730,387 have been traded within the last 24 hours. Investor interest in a project is frequently correlated with trading volumes.

A decline in trading volume may suggest that investors are beginning to lose interest in and are becoming more "conservative" about investing, and vice versa, making it an important metric for Dogecoin and other cryptocurrencies.

Doge Might Reach $0.14 Next If This Happens

WhaleStats' analysis of the top 100 Dogecoin holders on the Binance Smart Chain (BSC) indicates a whopping 414% rise in trading volumes as well as a 10% increase in active addresses. This follows as Dogecoin returns among the top 10 purchased tokens for the 100 biggest BSC whales in the last 24 hours. Notably, large transactions, which typically refer to those above $100,000 on the Dogecoin network, were up 17% in the last 24 hours, per IntoTheBlock data.

Time for another price move?

Although Dogecoin has lost 91.58% of its value since hitting an all-time high of $0.737 in May 2021, the fact that several traders have held onto their positions is still encouraging. According to information from the on-chain analytics tool IntoTheBlock, 66% of addresses have held Dogecoin for a year or longer. Only 4% of addresses have held Dogecoin for less than a month. This might suggest that holders are taking a long-term approach and clinging to their positions.

On Sept. 5, Dogecoin (DOGE) once more bounced off the support at $0.061, although the rebound lacked vigor. This implies that there has not been any active buying at current levels. Dogecoin may therefore persist in range trading except for a sustained move above $0.068 (daily MA 50). In this case, Dogecoin might target the next barrier on the chart at $0.091.

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On the other hand, the RSI below the 50 neutral mark indicates a slight advantage to bears. If the price turns down from the current level, Dogecoin could slide to the next support at $0.05.

At the time of publication, Dogecoin was trading at $0.061, down 1.61% in the last 24 hours.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.