The Decline of Dogecoin Price
The cryptocurrency market is currently experiencing significant losses, and Dogecoin is no exception. The price of Dogecoin has plummeted by approximately 28% over the past four days, breaching the crucial support level. This decline indicates a strong bearish sentiment, pushing Dogecoin back into a bearish trend.
Rebound Possibility
Despite the downward trend, there are signs of a possible rebound for Dogecoin. The price is showing signs of a rebound from the horizontal support level, suggesting a potential upward movement in the short term.
Majority of Dogecoin Addresses in Loss
More than half of the Dogecoin addresses are currently facing losses. Approximately 56.6% of addresses would experience a loss if they were to sell their DOGE tokens at the current market price. On the other hand, around 41.5% could potentially gain profit, with about 1.93% at the breakeven point.
Continued Growth in Dogecoin Addresses
The number of Dogecoin addresses continues to grow steadily. Over the past 30 days, there has been an average of approximately 4.81 million addresses holding DOGE. Additionally, the count of active addresses within the Dogecoin network has surged by more than 131% in the past seven days.
Positive Sentiment and Ownership Distribution
The sentiment regarding Dogecoin on Telegram is significantly positive, with over ten times the number of positive messages compared to negative ones. Retail investors represent over a third of the total Dogecoin tokens, while a group of significant investors collectively own around 21.4% of the token supply. There are also nine addresses classified as “whales” that own more than 1% of the total token supply, collectively controlling approximately 43.93% of the Dogecoin supply.
Hot Take: Dogecoin Faces Challenges but Shows Resilience
Despite the recent decline in price and the majority of addresses facing losses, Dogecoin continues to show resilience with signs of a possible rebound. The growth in addresses and positive sentiment on Telegram indicate continued interest and support for the cryptocurrency. However, challenges remain, and the bearish trend should not be ignored. Investors should carefully consider their options and monitor the market closely.
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