Shrimps may gain from Dogecoin’s price if this prediction comes true
The post Shrimps may gain from Dogecoin’s price if this prediction comes true appeared on BitcoinEthereumNews.com.
Journalist Posted: December 26, 2023 Retail DOGE holders have been buying more of the coin. The price-DAA showed that it could be a good entry before another rally. Dogecoin [DOGE] shrimps have been increasing the amount they own, according to AMBCrypto’s analysis of Santiment’s data. Shrimps are crypto investors who represent the retail group. In Dogecoin’s case, this cohort is the group that owns between 0.01 and 100 coins. Though this cohort forms a small number of the total Dogecoin supply, the balance of addresses metric showed that the count has been increasing. Source: Santiment DOGE to shine one more time? Most times, retail investors find it hard to make significant gains in the market. This is one of the reasons why these small investors run to meme coins, as the prices may explode at any point. So, the increase in the retail balance is an indication that holders were looking to DOGE for a rally. In the last 30 days, Dogecoin’s price has increased by 19.35%. However, the sentiment displayed by this retail cohort signals hopes that DOGE may be able to replicate the form it had around the 2020-2021 cycle. On an all-time basis, DOGE’s performance is a 16,564% increase, most of which came around the aforementioned period. Source: CoinMarketCap For Dogecoin to repeat such performance, there has to be a lot of demand for the cryptocurrency. However, that has not been the case. One of the reasons is because of the emergence of other memes with immense potential. Examples include PEPE, FLOKI, and Solana-themed BONK. So, market participants, instead of focusing on DOGE, are rotating money into other meme coins. But that is not to say that Dogecoin’s shining moment is long gone. To assess the coin’s potential, AMBCrypto decided to check out its price-DAA divergence. It’s…
Filed under: News - @ December 26, 2023 4:34 am