Dogecoin is closely following Bitcoin, solidifying its position as the king of meme coins!
Recently, Dogecoin has been performing quite impressively, following Bitcoin's lead. Since mid-October, both have rebounded significantly, indicating that Dogecoin's status as the top meme coin remains secure.
Although Dogecoin's market share dropped to 0.74% in mid-October, it has climbed back above 1% since May, currently standing at 1.04%. This is all due to the strong surge in this recent bull market for Dogecoin.
Speaking of which, Dogecoin surged to a high of $0.179 on Tuesday, a price level it only reached in April this year. From the lowest point in October, it has increased by 74%, and as of writing this article, it has risen by 62%, reaching $0.168.
Is Dogecoin about to take a break? Well, there are indeed some signals recently indicating that there might be some selling to cash out in the coming days.
For instance, Dogecoin's latest peak coincided with a price range it previously struggled to reach, and the price has slightly dipped in the past 24 hours.
Moreover, after this rebound, it seems Dogecoin may have risen too much. However, the potential for decline isn't large, and investors may still be looking forward to further increases.
Whales in Dogecoin are continuously accumulating. On-chain data shows strong demand from large holders. For example, by October 29, the Dogecoin flowing into large holders' accounts increased from 79.55 million coins to 1.36 billion coins.
At the same time, the outflow also rose from 74.42 million coins to 782.45 million coins. This indicates that large holders are buying more than they are selling.
So, will the selling pressure become increasingly significant? Forex flows indicate that this situation has already started to occur. As of writing this article, the incoming forex exceeded 833 million Dogecoins, while the outflow was only 597 million coins.
Although the above information suggests that the weekend is approaching and there may be some selling pressure, it is also important to note that the market remains quite optimistic. This might lead some investors to refrain from cashing out quickly, wanting to wait and see if prices will continue to rise. As a result, the impact of selling may not be too significant.
Recently, I've been planning to set up a potential coin that is ready to explode, doubling my investment is quite easy, and I'm also looking for some potential coins to hold until the end of the year, expecting a space of more than ten times is not a problem. If you want to keep up, leave a message, follow, like, and share freely.
