The price of Dogecoin (DOGE) hit a three-month high of $0.076 on Wednesday, extending its 30-day gains to 23%. On-chain study looks at how the market’s increasing demand can influence DOGE price movement in the next days.
This week, Dogecoin’s price has risen to the top of the meme coin market, outperforming other coins like PEPE and Shiba Inu (SHIB) on the largest gainers chart. Is it possible for the bulls to continue rising and reach the illusive $0.1 area?
In recent weeks, as cryptocurrency whale investors shifted their focus to the meme coin markets, Dogecoin has reaped enormous benefits.
Dogecoin (DOGE) Aims for $0.1 with $1.7 Billion Whale Investment,Dogecoin (DOGE) Aims for $0.1 with $1.7 Billion Whale Investment
Coins held by whales with at least $100,000 worth of DOGE have surged in value from $7.65 billion to $9.35 billion between October 8 and today, according to statistics from IntoTheBlock. This suggests that during the previous month, the cryptocurrency whales had raised their investment by $1.7 billion.
The quantity of coins that major investors own is tracked in real time via the whale balances display. The whales’ $1.7 billion gain in holdings over the previous month is seen by the blue trend line above.
A huge increase in whales’ holdings typically indicates that major institutional investors are confident in the price prospects of DOGE.
Participants in the Retail Market Have Also Begun to Purchase
In addition to the increasing demand from whales, purchase orders in the Dogecoin retail market have now exceeded supply on the spot markets.
According to aggregate order book data from ten cryptocurrency exchanges, including as Coinbase and Binance, bulls have active orders to purchase 872,000 DOGE at the present levels. Only 810 million DOGE have been listed for sale by the dealers thus far.
The buy/sell orders that traders have currently published on several centralised cryptocurrency exchanges are all compiled into an aggregate order books chart. As can be seen above, there is usually a strong purchasing trend across the Dogecoin markets when the number of purchase orders exceeds the number of sell orders.
In order to swiftly satisfy their orders, purchasers may need to raise their bids because there are now less DOGE coins available for purchase compared to the demand. This can unintentionally push the price of DOGE closer to the $0.1 market in the upcoming week.
Dogecoin (DOGE) Aims for $0.1 with $1.7 Billion Whale Investment,Dogecoin (DOGE) Aims for $0.1 with $1.7 Billion Whale Investment,Dogecoin (DOGE) Aims for $0.1 with $1.7 Billion Whale Investment , DOGE coin Crypto news, DOGE coin News