- Litecoin and Dogecoin report a remarkable spike in daily active addresses.
- Despite Dogecoin’s price dip, its active addresses and new entrants in the market continue to increase.
Altcoins Emerge from Bitcoin’s Shadow
Address Activity: The New Pulse of Cryptos As the cryptocurrency domain frequently experiences the ebb and flow of Bitcoin and Ethereum’s stability, Litecoin (LTC) and Dogecoin (DOGE) recently stood out, garnering market attention. To elucidate, Litecoin recorded an impressive 231.27K daily active addresses, while Dogecoin boasted 46.08K, as per recent data from IntoTheBlock.
This resurgence in address activity is particularly salient against the backdrop of complex market dynamics, where both altcoins have exhibited pronounced spikes, despite the overarching market sentiment.
Understanding Dogecoin’s Recent Trends
Dogecoin Faces Headwinds Yet Shows Promise Dogecoin recently confronted a steep 28% downturn in its price over a mere four days, unsettling its golden ratio support around the $0.064 mark. This downturn mirrors a robust bearish undertone, overturning the prior bullish momentum and steering Dogecoin towards a bear-centric trend.
Backing this trend are various technical indicators. The daily MACD underscores a distinct bearish inclination, while the RSI highlights recovery from oversold conditions. Moreover, the dreaded death cross of the EMAs on the daily chart further entrenches the bearish trend for the foreseeable future.
Nonetheless, there’s a glimmer of optimism. Dogecoin is currently exhibiting indications of bouncing back from its horizontal support level at $0.0615, suggesting potential bullish undertones in the imminent future.
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Dogecoin’s Address Analysis: A Tale of Two Realities While more than half of Dogecoin addresses (approximately 56.6%) are presently incurring losses at the prevailing market price, the overall count of Dogecoin addresses remains on an uptrend. In fact, in the last month alone, an average of 4.81 million addresses held DOGE.
Furthermore, the past week has witnessed the number of active Dogecoin addresses soar by an astounding 131%. Coupled with this is a 100% surge in new Dogecoin addresses and a significant 367% increment in DOGE addresses devoid of any credited coins.
Dogecoin Sentiment & Distribution: A Holistic View In the sphere of public sentiment, Dogecoin enjoys a predominantly positive stance on platforms like Telegram, where positive messages considerably outnumber the negative.
In terms of Dogecoin’s distribution, retail investors hold sway over a significant portion of the total tokens, encapsulating over a third. Simultaneously, a collective of 74 substantial investors, each holding between 0.1% and 1% of the tokens, cumulatively possess about 21.4% of the token supply. On the upper echelon, a mere nine “whale” addresses command around 43.93% of the entire Dogecoin supply.
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