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Dogecoin's Price Approaches $0.20 Amid Surge in Medium-Term Investors, Data Shows

Thu, 12/23/2021 - 11:58
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Tomiwabold Olajide
According to data, Dogecoin's price is approaching $0.20 amid surge in medium-term investors
Dogecoin's Price Approaches $0.20 Amid Surge in Medium-Term Investors, Data Shows
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As per data from IntotheBlock analytics, Dogecoin has more medium-term investors than about a year ago. Dogecoin is approaching the $0.20 mark as the price steadily increases for the third consecutive day.

In December 2020, Dogecoin hodlers stood at 2.04 million addresses, or 74.35% of the total addresses, cruisers at 537,870 addresses or 19.6%, and traders at 165,860 addresses or 6.06%, according to historical data from IntoTheBlock analytics.

Source: IntoTheBlock

Hodlers, or long-term investors in this context, refer to passive investors who have held the asset for more than one year. Cruisers, or mid-term investors, have a holding period of 1 to 12 months, while traders who hold the asset for less than 30 days are short-term investors.

Fast forward to December 2021, and there seems to be a switch in this trend. At present, 41.55% (1.8 million addresses) are hodlers, 52.69% (2.28 million addresses) are cruisers and 5.77% (249,880 addresses) are traders as per metrics supplied by IntoTheBlock.

While the number of short-term traders has increased slightly in December 2021, there seems to be a larger number of medium-term investors, or ''cruisers,''  as long-term holders have capitulated.

Dogecoin price action

Dogecoin (DOGE) showed a steady rally around mid-December after Tesla CEO Elon Musk stated that Doge would be accepted for some transactions. Musk tweeted, "Tesla will make some merch buyable with Doge & see how it goes." The price of Dogecoin skyrocketed roughly 48% in response to the tweet, reaching highs of $0.220.

Courtesy: TradingView

The dog-themed token retraced its surge below $0.20 to a near-term low of $0.161 where it has picked up momentum to approach $0.20. DOGE/USD sustains its run into the third day on Thursday, gaining above 3% in the last 24 hours while still down about 3% on a seven-day basis amid a recent retreat.

Dogecoin's current price is $0.176, with a trading volume of $1,123,773,873 in the last 24 hours. It is ranked #12 on CoinMarketCap, with a live market cap of $23,468,303,364. The maximum supply is not known; however, it has a circulating supply of 132,644,316,641 DOGE coins.

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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.