According to U.Today, the recent price of Dogecoin (DOGE) may hit the highest price in history. IntoTheBlock’s analysis shows that the key factor in this recovery is the absorption of 2.174 billion DOGE, which is currently concentrated in the price range of $0.1636 to $0.671. This large amount of Dogecoin is distributed among 953,590 wallets and is currently causing losses to holders. However, if this supply hindrance is resolved, DOGE could see significant price increases.
Despite the positive outlook, experts warn that the absorption process could create selling pressure on the market as price ranges shift. Currently, DOGE is valued at $0.152 and peaked at $0.74, highlighting its potential for substantial gains. It’s worth noting that this data only represents a subset of Dogecoin addresses. Data shows that 5.13 million addresses hold 12.275 billion DOGE, accounting for 81.05% of all addresses. While this massive holding provides Meme Coin with a strong foundation, it also increases the risk of selling pressure.
