Dogecoin Gains Traction Among Retail Investors
Despite not experiencing the same level of rally as other altcoins in the crypto market, Dogecoin is still attracting attention from retail investors. These investors are placing large buy orders on the open market, which has helped to counteract the recent sell pressure.
Dogecoin Buyers Outnumber Sellers
Data from order books on top exchanges reveals an interesting shift in dominance for Dogecoin. There is currently a significant buy wall compared to the sell orders, indicating that buyers are becoming the dominant players in the meme coin market.
According to IntoTheBlock’s Exchange-Onchain Market Depth page, sellers have orders totaling 318.8 million DOGE at an average asking price of $0.095544. In contrast, there are buy orders for 444.28 million DOGE at an average price of $0.995508, indicating a demand for Dogecoin worth 125.48 million DOGE in the open market.
Increase in Demand for Dogecoin
This surge in demand is a significant increase from the previous day when buyers outpaced sellers by only 61 million DOGE. It demonstrates that there is still high demand for Dogecoin and suggests that a single catalyst could drive it to new highs in 2023.
DOGE Whales Joining the Party
Retail investors are not the only ones looking to take advantage of a potential price recovery for Dogecoin. Large transaction data from IntoTheBlock indicates that big DOGE whales are also starting to make moves.
Between Sunday and Monday, there was a 20% increase in the number of large transactions on the network, with transaction volume rising from $1.35 billion to $1.62 billion. This increase in large transactions further supports a bullish outlook for the Dogecoin price.
Potential Price Recovery for Dogecoin
The combination of increased retail buy bids and a rising volume of large transactions paints a positive picture for the future of Dogecoin. If historical performance is any indication, DOGE could experience a delayed rally that may push its price above $0.15.
Currently, Dogecoin is facing resistance at $0.1, with large sell-offs and multiple rejections. However, if DOGE can overcome this level and turn it into support, the bulls will regain control.
Hot Take: Dogecoin’s Resilience Amidst Market Volatility
Dogecoin continues to show resilience in the face of market volatility, with retail investors driving the demand for the meme coin. Despite not experiencing as strong of a rally as other altcoins, Dogecoin’s buy orders are outpacing sell orders, indicating sustained interest in the cryptocurrency.
The involvement of large DOGE whales further supports the potential for a price recovery. The increasing number of large transactions suggests confidence in the future of Dogecoin and the possibility of surpassing previous highs.
Bitro Conwell stands as an intellectual architect, weaving together the roles of crypto analyst, meticulous researcher, and editorial virtuoso with finesse. Amidst the digital intricacies of cryptocurrencies, Bitro’s insights resonate harmoniously with seekers of all stripes, showcasing a profound understanding. His ability to untangle the most complex threads within the crypto landscape seamlessly pairs his their editorial finesse, transforming intricacy into an artful tapestry of comprehension. Guiding both seasoned pioneers and curious newcomers, Bitro’s insights forge a compass for astute decision-making within the ever-evolving cryptoverse. With the craftsmanship of a linguistic artisan, they craft narratives that enrich the evolving chronicle of the crypto cosmos.