Dogecoin Whales Are in Control, But Mixed Signals in the Market Make It Hard to Predict What Will Happen Next

As of this writing, Dogecoin was priced at $0.1073, a 1.5% surge in the last 24 hours. Its market capitalization stood $15.2, according to CoinMarketCap data.

Dogecoin price was $0.1073 as of press time and has increased by 1.5% in the last 24 hours. According to CoinMarketCap data, the market value was 15.2 billion dollars.

Trading volume increased by 36.63% and reached 954.5 million dollars. This increased interest in trading may mean that more people are interested in the coin.

Dogecoin price has been fluctuating lately. It increased by 1.5% in the last 24 hours but fell by 12.15% in the last seven days. Despite these changes, most DOGE holders still have income.

According to IntoTheBlock data, 73% of addresses holding DOGE are “earning income,” meaning they bought the coin at a price lower than its current price.

Source: IntoTheBlock

Dogecoin whales have taken control

Whales control the market, even though many smaller investors own Dogecoin.

Also, AMBCrypto's analysis of IntoTheBlock data shows that 62% of all Dogecoin is in the hands of these large investors. This indicates that a small number of individuals can have a large impact on the price.

Mixed signals in the market

Coinglass's heat map liquidity data shows that although most holders are generating income, some investors are optimistic that the price will fall.

Trader with holder profits This difference between their interests creates an unusual situation for DOGE.

Source: Coinglass

With so many addresses generating income, there is a possibility that the Dogecoin price will rise. When many holders make money, sometimes there is more buying.

But it is difficult to predict what will happen next as some traders take negative positions.

Realistic or not, here is DOGE's market cap in terms of BTC

What awaits DOGE ?

Dogecoin is in an interesting point right now. Most owners are generating income, but some investors are bearish. The fact that large investors control so much Dogecoin adds another layer of uncertainty.

Dogecoin's next move will likely depend on how these different factors cancel each other out

The above is the detailed content of Dogecoin Whales Are in Control, But Mixed Signals in the Market Make It Hard to Predict What Will Happen Next. For more information, please follow other related articles on the PHP Chinese website!