Frustrated with the underperformance of their favorite dog-themed meme coin, Dogecoin (DOGE) holders have been dumping their holdings and moving their funds elsewhere. Dogecoin (DOGE) is currently trading at $0.07943, 89.56% below its all-time high set in 2021, 15.29% down in the last month, and 1.20% down in the last week. This decline is expected to continue, with Coincodex expert analysis predicting another 14.64% fall over the next week to $ 0.067221 by May 10, 2023. So, why and where are DOGE whales moving their investments? Should you invest too? Read on to find out.
Why are Dogecoin (DOGE) Whales Selling?
The clear lack of utility is one of the obvious reasons why investors are dumping DOGE. Dogecoin was founded in 2013 to pay homage to the popular meme featuring a smirking Shiba Inu dog. Ten years later, Dogecoin (DOGE) hasn’t gained any significant use cases besides being accepted as a payment option by a small number of merchants. In addition, its developers have not made any network changes or upgrades. This is a huge disadvantage, especially with its main competitor Shiba Inu (SHIB) releasing DeFi tools such as a decentralized exchange and a layer-2 scaling platform to bring utility to the SHIB ecosystem.
Due to its lack of utility, Dogecoin (DOGE) relies largely on investor sentiment to maintain its position in the market. As a result, the meme coin has become a favorite among pump-and-dump investors. These investors will purchase Dogecoin (DOGE) at a lower cost, causing a rally. When the price rises, they sell their shares, catching smaller investors off guard and exploiting them as exit liquidity.
Dogecoin (DOGE) is also facing fierce competition from newer, low-cap meme coins. Low-cap meme coins have the potential for higher gains and, as a result, take a bite out of Dogecoin holders.
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DOGE Whales Love RenQ Finance (RENQ)
In their pursuit of real utility and potential for gains, Dogecoin (DOGE) whales are accumulating RenQ Finance (RENQ). This DeFi coin has had a meteoric surge in 2023 as investor interest in the market grows. RenQ Finance (RENQ) is a decentralized blockchain platform that aims to address the challenges affecting the DeFi industry. The platform achieves this by connecting all isolated blockchains and establishing a cross-chain asset exchange network while providing necessary underlying support for the DeFi ecosystem. The outcome is an all-in-one, safe, transparent, and user-friendly environment for DeFi activities. RenQ Finance also includes never-ending liquidity, cross-chain compatibility, and decentralized governance, making it a top pick among most DeFi traders.
One of the key areas of focus of RenQ Finance (RENQ) is decentralization. The platform is designed as a scalable network on top of the Ethereum network, allowing it to execute transactions quickly while utilizing Ethereum’s decentralized power. This allows traders to execute trades without third-party intervention. This in turn minimizes transaction costs, boosts network efficiency, and increases profits as no third party takes a cut of your profits.
RenQ Finance (RENQ) takes a unique approach to decentralized trading. The platform combines on-chain and off-chain technologies to offer traders slippage-free trading and lightning-fast transaction speeds. Furthermore, the platform obtains liquidity from several exchanges and distributes a single trading transaction across multiple DEXs to acquire the best rates. This never-ending pool of liquidity translates to more profit-generating opportunities for traders.
RenQ token holders can increase their profits through staking where they commit a portion of their tokens for some time to secure the network and in return earn rewards. They can also vote on network governance decisions. This results in a more democratic and equitable ecosystem where all investors are involved in decision-making.
RenQ Finance (RENQ) is in the final stage of its presale, which is over 85% sold out. So far, the presale has raised more than $16 million. Additionally, the RENQ token has risen by 150% in the last three months and is now worth $0.055. The token will soon go live at $0.07, leaving room for another 27% increase before then and a little more time for you to buy. RenQ Finance is predicted to rise further and trade between $2.5 and $3 by the end of 2023.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Visit the links below for more information about RenQ Finance (RENQ):
Website: https://renq.io
Whitepaper: https://renq.io/whitepaper.pdf
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