- Current Dogecoin price sits at $0.12, showing a notable decline of 23.74% over the past month.
- Market sentiment hinges on the balance between bid and ask sides in the Exchange On-Chain Market Depth.
Dogecoin faces fluctuations as major holders adjust their positions, potentially influencing its future trajectory. Recent data shows that holders controlling about 0.1% of Dogecoin’s total supply have been selling off their holdings. This significant movement has triggered concerns about downward pressure on Dogecoin’s price.
Conversely, other metrics indicate accumulation efforts among different holders, which could counteract potential price declines. The netflow of Dogecoin among large holders, for instance, has seen a notable decline recently, suggesting reduced selling activity from this influential group.
The current trading price of Dogecoin stands at $0.12, marking a substantial decrease over the past month. Analysts speculate that further declines to around $0.10 could be possible if selling pressure persists.
To gauge market sentiment and potential future trends, analysts have examined the Mean Coin Age (MCA) of Dogecoin. This metric, which focuses on the average age of coins held in wallets, has shown a decline in the 90-day MCA since late June. This decrease indicates that older coins are being withdrawn into long-term custody rather than being actively traded, potentially stabilizing supply.
Market participants are closely watching the Exchange On-Chain Market Depth to assess buying and selling interest. Currently, there is a higher bid-to-ask ratio on major exchanges, suggesting stronger buying interest than selling pressure. If this trend continues, Dogecoin could see a rebound towards $0.15 in the near future.
However, the market outlook remains uncertain, as it depends heavily on the behavior of large holders and overall market sentiment. Traders are poised to take advantage of price dips, aiming to buy Dogecoin at discounted levels, which could influence short-term price movements.
