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As Dogecoin’s (DOGE) price struggles to stabilize, buyers are taking advantage of the dip, purchasing the meme coin in large quantities. This influx of capital signals a strong belief that DOGE may be poised for a rebound. If these strategic purchases persist, DOGE could recover a significant portion of its losses from the past three months. Here’s how. Dogecoin Bulls Prepare to Inject $50 Million As of this writing, Exchange Onchain Market Depth data reveals that market participants are prepared to buy 500 million Dogecoin coins once its price drops to $0.0099. For context, the Onchain Market Depth offers insights into the order books of the top 20 exchanges. At Dogecoin’s current price, this buying volume represents a $50 million investment in the coin. On the other hand, sellers are ready to offload 365 million coins, valued at $36.5 million. The increased presence of buyers looking to purchase at the dip suggests that a price upswing could materialize in the coming weeks or months, driven by this demand. Read more: Best Crypto Mining Games In 2024 Dogecoin Exchange Onchain Market Depth. Source: IntoTheBlock Furthermore, Santiment data shows an increase in the balance of addresses holding 1 million to 10 million Dogecoin coins. Typically, when this balance decreases, it indicates holders are selling off their assets. The current rise suggests that DOGE accumulation is occurring not only on exchanges but also on-chain. Historically, simultaneous accumulation on centralized platforms and on-chain has reinforced a bullish bias, signaling potential upward momentum for the coin. Dogecoin Balance of Exchanges. Source: Santiment As such, Dogecoin’s price could trade much higher. Crypto analyst Rekt Capital also seems to share a similar sentiment. On September 14, the analyst noted that DOGE could soon break out of the downtrend and go on a consistent upswing. “Ever since breaking its…

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Filed under: News - @ September 16, 2024 9:19 pm