Never Mind The DOGE Dip: Meme Coin's Wallets Surge At Fastest Rate In Network's Decade-Long History, Analytics Platform Reveals
Portfolio Pulse from Benzinga Neuro
Despite a 23% drop in Dogecoin's (DOGE) value since Dec. 9, the number of wallets holding the cryptocurrency has surged, adding 413.8K new wallets in two weeks, marking the fastest growth rate in the network's history. This growth occurs amidst a general downturn in the cryptocurrency market. Dogecoin has outperformed its memecoin rivals, with a higher percentage of holders in profit compared to Shiba Inu, Pepe, and Floki. Analyst Ali Martinez notes Dogecoin's Bollinger Bands indicate an imminent spike in price volatility.
February 06, 2024 | 6:31 am
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Dogecoin's wallet growth and potential for increased volatility, despite a recent price drop, indicate a mixed short-term outlook.
The rapid increase in Dogecoin wallets suggests growing interest and potential support for the cryptocurrency, which could counterbalance the negative impact of its recent price drop. The mention of Bollinger Bands tightening signals potential volatility, which could lead to price swings. These factors create a mixed short-term outlook, with the possibility of both upward and downward movements.
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