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Dogecoin

Is Dogecoin The New Millionaire Maker? Over 1,000 Addresses Hold Big Bags

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin, the internet’s canine champion of the cryptocurrency world, has been making headlines for more reasons than one.

This week, Dogecoin millionaires found themselves basking in the glow of a million-dollar Doge dash.

Related Reading: Ethereum Transaction Fees Spike, But Relief On The Horizon With Dencun Upgrade

Dogecoin: Big Rally In The Offing?

Data from IntotheBlock paints a picture of explosive growth, with the number of addresses holding over $1 million in DOGE surging by a staggering 76% in just a single month.

This meteoric rise suggests a growing investor fascination with the meme coin, potentially fueled by the ever-present social media frenzy and celebrity endorsements that have become synonymous with the meme-based cryptocurrency.

The number of Dogecoin millionaires is skyrocketing!
The number of addresses holding more than $1m worth of $DOGE has increased by 76% in the last 30 days. There are now over 1000 Dogecoin millionaires. pic.twitter.com/3qzb0OGeUM

— IntoTheBlock (@intotheblock) March 6, 2024

However, for these newfound Dogecoin millionaires (and anyone else watching their portfolios with bated breath), the past few days haven’t exactly been a walk in the park.

After a triumphant 100% price surge in February, revisiting its November 2021 highs, Dogecoin has encountered a bout of downturn.

Over the last two days, the price has taken a nosedive of 9%, a stark reminder of the cryptocurrency’s trademark volatility.

DOGE market cap currently at $23 billion. Chart: TradingView.com

Despite this recent correction, Dogecoin remains a force to be reckoned with, holding the coveted ninth position among the most valuable cryptocurrencies with a market cap of a cool $22 billion.

While the recent price dip might send shivers down the spines of some investors, crypto analysts are locked in a heated debate about Dogecoin’s future trajectory.

Enter Rekt Capital’s Reversal Revelation. This analyst sees a potential glimmer of hope in the recent price action. They believe Dogecoin’s behavior points towards a possible trend reversal in the coming days, supported by the “overbought” reading on the Relative Strength Index (RSI), an indicator that measures the rate of price change.

Related Reading: Mysterious Moves – Is Tesla Dipping Its Toes Back In Bitcoin?

Mixed Signals Ahead

In simpler terms, Rekt Capital suggests that the recent price surge might be nearing its peak, potentially paving the way for a reversal.

However, another twist in the tale comes from Coinglass data, which reveals a record-breaking $1 billion in open interest on Dogecoin futures contracts.

This translates to a significant increase in unsettled bets, indicating that new money is still pouring into the market.

Source: Coinalyze

Interestingly, 70% of these traders are “long DOGE,” meaning they anticipate the price to rise further. This bullish sentiment adds another layer of complexity to the future of Dogecoin.

So, what does it all mean? The truth is, the meme coin’s future remains shrouded in a bit of mystery.

While the surge in millionaires and continued investor interest paint a potentially bullish picture, the recent price drop and overbought RSI reading suggest a possible correction on the horizon.

Investors are well-advised to approach Dogecoin with cautious optimism, carefully monitoring market conditions and conducting their own research before making any investment decisions.

Featured image from Pexels, chart from TradingView

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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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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