- Dogecoin sees a 25% surge in price over the last two weeks, positioning active DOGE traders over the past year in a profitable position.
- Substantial accumulation by Dogecoin investors, particularly whales, has been observed, further propelling the rise of DOGE’s social dominance.
In the midst of a largely bearish crypto market, Dogecoin (DOGE) is exhibiting impressive resilience, with its value soaring by 25% in the past fortnight. This exemplary performance has not only drawn the attention of budget-conscious crypto investors but also the industry’s whales, prompting a wave of accumulation that has significantly bolstered DOGE’s value.
🐕 #Dogecoin's price has now climbed +25% in the past 2 weeks, and the #memecoin has been increasingly grabbing the attention of traders. A big milestone has also taken place on this run, with the average $DOGE trader active in the past year now up money. https://t.co/HhziNUjjSN pic.twitter.com/gRdhp80R1y
— Santiment (@santimentfeed) July 25, 2023
A Wave of Profits for DOGE Traders
Leading on-chain analytics platform, Santiment, revealed this surge in Dogecoin’s value. Its analysis indicates that Dogecoin traders active over the past year are now enjoying returns on investment (ROI) exceeding 2.4%. Moreover, these traders can potentially reap even higher gains should DOGE trigger a FOMO (Fear Of Missing Out) phase, a market condition yet to be experienced by the asset.
For those new to the lingo, FOMO refers to the urge to join the crowd in amassing a particular asset, driven by the fear of missing out on potential gains. In the context of Dogecoin, this would spur further accumulation and, consequently, another price hike.
Accompanying the rally is an observable uptick in DOGE acquisition by deep-pocket investors, or ‘whales’. Whales with holdings ranging from 1 billion to 10 billion DOGE have accumulated an additional 3 billion tokens over the past three weeks.
Dogecoin Dominance in the Social Sphere
As Dogecoin outperforms its top 10 crypto market cap peers over the week, it has seen a corresponding surge in its social dominance. The ranking of Dogecoin as one of the top 3 trending crypto assets on Coinmarketcap serves as testament to its rising popularity. Meanwhile, newly-launched Worldcoin (WLD) by Sam Altman and XRP claim the top 2 trending spots on CMC.
According to data from the leading crypto-tracking platform, DOGE has enjoyed a 15% increase in value over the past week, standing as one of the only assets alongside XRP to record a double-digit gain in the last 30 days. Despite its significant surge of 21% over the past month, DOGE is yet to secure a position above the $0.1 price mark, currently trading at $0.08007.
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Top crypto analyst Ali Martinez has spotlighted a pattern formed by Dogecoin on its weekly chart. The last time this pattern emerged, DOGE saw an astronomical rise of over 23,000% in the ensuing months.
Renowned economist and investor Raoul Pal, commenting on Twitter’s impending transformation into the ‘X’ app, speculates that Dogecoin could play a significant role in Elon Musk’s plans for the platform. According to Pal, Musk’s vision involves integrating cryptocurrencies for global payments for content creators, with Dogecoin likely being a front-runner.
Two things Ive said when Elon bought "X":
Elon bought it for the AI, and the free speech angle is to give it an unbiased model. He needs the AI to train the Optimus robot.
He will use crypto to be able to make global payments for creators etc. My guess is he uses Doge. 1/
— Raoul Pal (@RaoulGMI) July 24, 2023
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