Dogecoin Major Metrics Signal Bullishness, Could Cross $1
Dogecoin has recovered significantly in the previous five days following a market sell-off. The cryptocurrency fell 38% in the first five days of August, from $0.1348 to $0.0831. DOGE faced these obstacles with resilience. After reaching $0.0831, bitcoin started to recover.
DOGE has recovered 25% in the previous five days, raising its price from its recent lows. This upward rise has not yet given investors enough to recover from losses earlier in the month, but it illustrates DOGE's return to positive momentum.
This partial price recovery and a rebound in key market indices show investor opinion regarding Dogecoin is becoming optimistic again. Increased trading volumes indicate market interest and engagement.
IntoTheBlock data shows that this rebound has been accompanied by a rise in daily trading volume, mostly accumulations that have strengthened purchasing pressure. DOGE's USD big transactions total $1.01 billion as of writing. This is 54% higher than the seven-day low of $654.96 million on August 3, before its precipitous drop.
Interestingly, the high transaction trading volume peaked at $1.52 billion on August 5, when the recovery started. This link clearly shows that significant holders, known as “whales,” are actively engaging in the DOGE market during this recovery period and pushing upward momentum.
The big holders netflow to exchange netflow ratio implies accumulations, although the huge transaction volume measure does not. The balance between big holder accumulation and exchange inflows provides vital insights into retail investor and whale behavior. At 3.49%, the ratio favors substantial holder accumulation, up from 1.85% on Monday, August 5.
Still on whale activity, IntoTheBlock's Bulls and Bears measure implies a bullish shift. Addresses that purchased or sold more than 1% of the trading volume in the previous 24 hours are bulls or bears.
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