© Reuters. Dogecoin Whale Transactions Surge 93% As 7% Price Drop Leaves Traders Unfazed: ‘Strong Times Ahead’
Benzinga – by Khyathi Dalal, Benzinga Staff Writer.
Dogecoin (CRYPTO: DOGE) whale transactions and daily active addresses continue to rise despite the current dip in price.
As a result, analysts remain optimistic about the meme coin’s future.
What Happened: Crypto trader and analyst Rekt Capital recently tweeted that Dogecoin broke its macro downtrend two weeks ago, potentially signaling a shift in market sentiment.
The analyst suggests that the meme coin is consolidating before potentially continuing its upward trajectory.
$DOGE
Broke its Macro Downtrend
Successfully retested it as support two weeks ago
Still dipping & so technically still in the retest phase while also moving sideways within a new macro range (black-red, $0.12-$0.20)
Retest phase still in progress#DOGE #Crypto #Dogecoin https://t.co/5WkNvhXm3i pic.twitter.com/IJycOCqAxP
— Rekt Capital (@rektcapital) March 18, 2024
Another crypto trader, Stockmoney Lizards, hinted at strong times ahead for Dogecoin, highlighting the token’s real-world adoption.
This comes amid Elon Musk’s recent announcement that Tesla will soon accept DOGE as payment.
$Doge is different from other meme coins – it could be the one with a real use case.
The chart already knows this fact.
Strong times ahead.#Altcoins pic.twitter.com/LKkTMp0bKS
— Stockmoney Lizards (@StockmoneyL) March 18, 2024
Charts analyst Cryptollica also tweeted that, based on Dogecoin’s cycle chart, the meme coin is likely to approach its all-time high levels.
Also Read: Whopping $33.8 Million Worth Of Dogecoin Shifted To Robinhood — And People Suspect This Person Could Be Behind It
Why It Matters: IntoTheBlock data shows a 92.8% surge in large transaction volumes, while daily active addresses have spiked by 13.5% to 199,190. Notably, despite a 19% drop in the past seven days, 80.6% of Dogecoin holders are still in profit.
Although Dogecoin’s price has fallen by 19% over the past week, it is still trading 67% higher on a monthly basis.
What’s Next: As the Dogecoin community celebrates Musk’s recent comments about using DOGE to purchase Teslas, trader YG Crypto is curious whether the Dogefather can lift the meme coin’s price as it declines towards the 0.112 – 0.120 support zone.
The trader highlights a “potential downward trend” for Dogecoin, as the price dropped “below its key support level and then revisited again.”
Amid a mix of positive and negative developments, it will be interesting to see what the future holds for the Dogecoin community.
Read Next: Elon Musk Posted A Photo Of His Dog Wearing A Hat On St. Patrick’s Day And Now Dogwifhat Is Surging 32% — Leaving DOGE, SHIB In The Dust
Image: Shutterstock
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