The meme-inspired cryptocurrency Dogecoin ($DOGE), which has seen its value dop by around 0.6% over the last 30-day period, has a significant resistance at the $0.11 mark, with around 31 billion DOGE tokens holding at that level.
According to data from IntoTheBlock shared by popular cryptocurrency analyst Ali Martinez, there are 23,400 addresses holding DOGE at around $0.11, with holds above the $3 billion mark. DOGE’s market cap, it’s worth noting, is of $14.8 billion.
If you're anticipating a #Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding ~31 billion $DOGE! pic.twitter.com/iAP28te0bl
— Ali (@ali_charts) September 16, 2024
The data suggests that significant demand would be necessary to help the price of the meme-inspired cryptocurrency surge above the $0.11 mark. Dogecoin is currently trading at $0.1 per token, after losing 1% of its value over the last seven days.
As reported, DOGE recently hit a major milestone after seeing the number of wallet addresses holding it surpass the 90 million mark. It’s worth noting that one wallet doesn’t necessarily mean one user. Anyone can create multiple DOGE wallets, while some wallets – those of exchanges, for example – may hold DOGE belonging to various users.
Earlier this year, Tesla and Space X CEO Elon Musk acknowledged the potential value in Bitcoin and other digital currencies but admitted having a particular fondness for Dogecoin. “I’ve sort of got a soft spot for Dogecoin because I like dogs and memes,” he explained.
Featured image via Unsplash.
