The collapse of the crypto market this week has resulted in most Dogecoin holders losing money.
Over the past 4 days, the price of DOGE has fallen by about 28%, breaking through the most important support level of the “golden ratio” at around $0.064.
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Dogecoin Price Drops Nearly 30%
Such a large-scale drop indicates strong bearish sentiment among traders. The daily MACD signals the presence of a clear downtrend, while the relative strength index (RSI) recovering from oversold levels.
In addition, there is a death cross EMA on the daily chart, which confirms the possibility of a continuation of the fall in the short and medium term.
Source: Tradingview
However, Dogecoin is currently showing signs of a bounce off the horizontal support at $0.0615, indicating the possibility of a short-term upside move.
Half of DOGE holders suffer losses
According to the analytical platform IntoTheBlockapproximately 56.6% of DOGE holders will suffer losses if they sell tokens at the current market price.
Source: IntoTheBlock
On the other hand, about 41.5% have potential profits and 1.93% are at breakeven.
The number of active Dogecoin addresses continues to grow
Over the past 7 days, the number of active addresses in the Dogecoin network has grown by more than 131%, and new ones by almost 100%.
Source: IntoTheBlock
The number of DOGE addresses that do not have any credited coins has skyrocketed by about 367%.
Investors remain optimistic about DOGE
Sentiment towards Dogecoin on social media remains positive, with more than ten times more positive posts than negative ones.
Source: IntoTheBlock
However, the number of participants in the project group in Telegram has noticeably decreased since the end of 2021.
Over a third of Dogecoin is owned by retail traders
The distribution of Dogecoin holders shows encouraging trends. Retail investors hold over 30% of the tokens, while a group of 74 addresses holding between 0.1% and 1% of the DOGE supply collectively hold about 21.4% of the coins.
Source: IntoTheBlock
Another 9 addresses holding more than 1% of the total supply of tokens together control about 43.93% of the supply.
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2023-08-20 08:43:25
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