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Cryptocurrency News Articles
Dogecoin (DOGE) Whales Are Not Completed But, as New DOGE Wallet Registrations Skyrocket by 72%
Oct 03, 2024 at 01:56 am
DOGE’s upward trajectory might discover fruitful help within the latest Dogecoin custodians. In line with IntoTheBlock, newly registered DOGE wallets have
Dogecoin (CRYPTO: DOGE) price action might discover fruitful support in the latest Dogecoin custodians.
According to IntoTheBlock, newly registered DOGE wallets have skyrocketed by 72% in seven days.
For instance, 19.63K new crypto wallets were created on Dogecoin’s Proof of Work (PoW) blockchain on the last day of September when the DOGE price was dwelling barely under $0.12.
Dogecoin’s Whales Are Not Done Yet
To understand where the top dog meme coin is heading next, it’s crucial to gauge how the largest holders, known as crypto whales, reacted to the harder-than-expected market correction.
Before DOGE Reached the Local Double Top of $0.13 on September 28, 2024, the token tacked on to the biggest whale activity since May, recording 1,203 whale transactions ahead of the milestone.
While an increase in this metric is logical during local peaks, after successfully taking profits, whales didn’t stop there. Santiment confirms that the very high whale activity continues four days into the local top.
With 63.689K transactions over the past three days, Dogecoin retail crypto holders are likely looking for the next leg in the breakout. Coinciding with major Dogecoin holders returning for more, it is a favorable combination for a breakthrough in price, considering that the largest holders are accumulating rather than distributing.
Judging from the one-hour Dogecoin price charts, that’s precisely the case. The Chaikin Money Stream (CMF) index rebounded from a slightly negative value to 0.18, signaling a fresh incoming money flow into the token. As of press time, DOGE is changing hands at $0.105, sliding down by 1.1% over the past hour.
On the Flipside
A wave of newcomer Dogecoin holders could lead to increased adoption and deeper market liquidity, crucial for the long-term survival of the largest PoW altcoin.
Discover DailyCoin’s popular crypto news:
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