Earlier in October, Dogecoin (DOGE) rebounded as its price went up by around 48%, shooting to $0.149. Two key reasons, meanwhile, have caused DOGE’s price to decrease significantly: traders’ profit-taking and a precise declining adoption rate. Should bearish patterns persist, Dogecoin might be unable to maintain its current increases, leading to a steep decline. Can it, however, drop as low as $0.08?
Profit-Taking Puts Strain on Dogecoin (DOGE).
After a local high of $0.149, DOGE fell by roughly 10%. By October 23, this reduced its worth to $0.135. Still, it has witnessed an almost 1% increase over the past 24 hours; today, it trades at approximately $0.14. Traders are locking in their gains too early, leading to the price decline Indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) show Dogecoin has entered the overbought zone, increasing selling pressure. Based on on-chain data, about eighty percent of Dogecoin holders were in profit during the increase, which led many of them to start taking profit. However, the profit-taking was mostly among whales. For example, between October 20 and 21, outflows from large holder accounts jumped from 52.23 million to 392.2 million DOGE, a monumental increase. Despite this surge in selling activity, exchange flows showed that outflows were slightly higher than inflows, with 422.56 million DOGE moving out of exchanges compared to 371.71 million DOGE entering. This suggests that while some traders are deciding to cash in on their gains, some are also holding out for potential price increases. As a result, DOGE’s price has been able to hold out despite the sell-off.
Declining Adoption Rates Compound the Issue
Apart from taking profits, the popularity of Dogecoin is also decreasing as its adoption is declining. On-chain statistics have revealed a marked drop in the number of DOGE active wallets since the 8th October,2024. According to Santiment data, the total number of coins in non-empty wallets owning Dogecoin has decreased by 106,600, which points out a waning interest among the holders. Although trading volumes increased twofold in the period of the rally, this increase was only temporary since the number of active addresses dropped to a six-month low. Bearish sentiments have increased.
Could DOGE Fall to $0.08?
Given the current market conditions, a potential drop to $0.08 for Dogecoin cannot be ruled out. With the decline in active wallet numbers and sell-offs by large holders, a continuing downward trend could plunge its price to $0.08 in the coming days.
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Rexas Finance (RXS): A Viable Dogecoin’s Alternative
While Dogecoin (DOGE) may not sustain its rally, the budding project has noted steady gains since its presale launch. Initially launched at $0.03, its price has increased to $0.06 at stage 4, which means a 100% gain for early investors. At stage 5, it’s expected to sell at $0.07, and the token will eventually launch at $0.20. In less than two months, Rexas Finance has sold over 93.5 million tokens, 85% of the presale stage 4 allocation, and raised $4.4 million. The quick sales of its tokens underline the high interest in the project. Rexas Finance’s selling point is its ability to leverage Blockchain technology for asset tokenization. Focusing on the real-world assets (RWA) sector, Rexas Finance converts these assets like gold, commodities, and real estate into smaller fractions.
This removes the entry barrier, allowing smaller investors to join the RWA market, which large investors had previously dominated. However, it’s also positioned itself as more than a cryptocurrency—it’s a forward-thinking project with real value through cutting-edge tools in its ecosystem. These tools include the Rexas Token Builder, which simplifies asset tokenization; Rexas Gen AI, which generates NFTs; and Rexas Launchpad, which enables startups to manage their fundraising efforts. With these key features and others, like the Rexas Treasury, Rexas DeFi, Rexas AI Shield, and Rexas Estate, Rexas Finance provides a comprehensive toolbox for investors, including those with little knowledge of cryptocurrencies. The recent listing of RXS on CoinMarketCap is another win on its scorecard, as it will give the token the much-needed visibility required to attract more investors. The one million dollar giveaway is also an avenue to raise awareness and reward its community. Rexas Finance is giving twenty lucky winners $50,000. With a much-awaited launch date and bullish factors in place, RXS may begin a parabolic climb that will yield outstanding returns for investors in 2024.
Conclusion
After Dogecoin’s (DOGE) recent rally, its gains face threats from profit-taking among investors and declining adoption. Amidst this, Rexas Finance offers a golden opportunity for investors in 2024. Leveraging blockchain technology to tokenize real-world assets, Rexas Finance paves the way for investment opportunities that could generate massive profits for investors. Rexas Finance is currently selling at $0.06 in its fourth presale stage, making now the best time to join in for higher gains.
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