HomeNewsBarking Up the Right Tree: Dogecoin's 20% Profitable Wallets Signal Growth

Barking Up the Right Tree: Dogecoin’s 20% Profitable Wallets Signal Growth

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  • Ripple’s XRP struggles post-SEC lawsuit win; Shiba Inu limps after Shibarium release.
  • Dogecoin, despite its positive news, remains flat, yet on-chain analysis hints at a bullish future.

Ripple’s XRP: Lawsuit Victory But No Celebration

Bitcoin remains unyielding at the $25,000 mark, setting a rather neutral tone for the week. Meanwhile, the altcoin and meme coin market, once filled with anticipation of a rally, faces a somber reality. Despite garnering positive feedback, three notable tokens, XRP, Shiba Inu, and Dogecoin, have shown underwhelming performance.

XRP, Ripple’s prominent token, despite its legal victory against the SEC, has been bearish for the past four days, hovering around the $0.50 threshold. This underscores a crucial lesson for investors: even game-changing positive news doesn’t guarantee a bull run, especially in an overarching bear market.

Shiba Inu and Dogecoin: Waiting for a Revival

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Shiba Inu’s recent launch, Shibarium, a layer-2 solution, hasn’t translated into the anticipated spike in its value. Almost three weeks post-release, SHIB still grapples with breaking past its immediate resistance and hasn’t reclaimed its standard rate of $0.00001.

In the same breath, Dogecoin‘s performance has been lackluster, even as Elon Musk’s ventures pave the way for its greater use. The once leading meme coin now has the dubious distinction of being one of the least-performing cryptocurrencies of the year.

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Dogecoin’s Potential Accumulation Phase

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Amidst this, there’s a glimmer of optimism for Dogecoin. Pseudonymous technical analyst, Poseidon, hints at Dogecoin entering an accumulation phase. This period, marked by Dogecoin’s price movement between $0.093 and $0.05, is believed to be the precursor for an imminent bullish trend.

According to Poseidon’s interpretation of the charts, Dogecoin, in comparison to other Layer 1 tokens, is showing signs of robust accumulation. If we dive deeper into on-chain metrics from IntoTheBlock, there’s supportive evidence for DOGE’s potential price appreciation, with a projected target of $0.18.

Furthermore, the Global In/Out of the Money (GIOM) metric indicates that only 20.73% of DOGE wallet holders are in unrealized profit zones. With a majority (73.72%) of wallet holders still in unrealized loss zones, the selling pressure on DOGE remains minimal, making the coin’s recovery more feasible. Currently, DOGE stands at $0.063 on Binance.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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