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Dogecoin

Dogecoin Sell-Off Imminent? 10 Billion DOGE About To Move Into Profit

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin could be heading toward an imminent sell-off that could tank its price as a significant tranche of coins is about to move into profit. In such a case, it would not be out of the ordinary to see a large number of investors sell off their holdings as they move to secure some profit.

10 Billion DOGE Headed For Profit

In an interesting twist, the Dogecoin price crossing $0.17 could be both good and bad for the price. This is because a large number of DOGE coins were bought between the $0.15 and $0.168 levels, meaning that a cross above $0.17 would put all of these coins in profit.

Related Reading: Here Are The Most Bullish Predictions For Shiba Inu You Should Be Aware Of

According to data from IntoTheBlock, there are approximately 10 billion DOGE coins that are sitting in this level waiting to move up into profit. At current prices, it means that more than $1.58 billion are waiting for the $0.17 price point to be reclaimed.

Dogecoin

Source: IntoTheBlock

While a move above $0.17 would be positive for the meme coin, it will also put it at risk of a sell-off from these holders. Given that the Dogecoin price has been muted for the majority of 2023 before seeing some upside in March 2024, investor fatigue is expected, prompting some holders to take profit as soon as they see it.

However, there is also the fact that a move above $0.17 will not be a significant profit margin for a large number of investors. Hence, they might be more inclined to wait for higher prices before selling rather than barely breaking even on their investments.

What Happens To Dogecoin In The Event Of A Sell-Off?

Presently, the Dogecoin price is sitting 7% below the $0.17 price level, which still gives it some runway until it gets there. However, if a large number of these DOGE investors do decide to sell their coins, it could push the price of Dogecoin back down toward the $0.15 support.

Related Reading: LUNC Revival Efforts Continue: Terra Community Set To Pass Important Proposal

Despite the threat of a sell-off, bullish sentiment continues to dominate the meme coin as multiple crypto analysts have predicted a major upside for DOGE’s price. Analyst Altcoin Sherpa believes that the Dogecoin price will do very well in 2024 and will outperform plenty of altcoins.

Another analyst, Ali Martinez, revealed that the meme coin has now entered the buy zone, making it a good choice for accumulation. According to Martinez, the DOGE price can rise another 700% from here to cross the $1 threshold and make a new all-time high.

Dogecoin price chart from Tradingview.com

DOGE price trending at $0.158 | Source: DOGEUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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