CoinMarketCap data revealed interesting results. Accordingly, investors are trading millions of dollars specifically with an altcoin project. The obvious increase in the trading volume of cryptocurrencies raises the question of “will the price increase” in the minds of investors. Here is the answer…
Investors rush to this altcoin project
According to CoinMarketCap data, in the last 24 hours, investors have been investing in an altcoin project. The data shows that investors processed 4.03 billion DOGE transactions worth $243,730,387. In the cryptocurrency market, such events are generally like the harbinger of price increases. Because people’s interest in a project is often linked to trade volumes.
Accordingly, decreases in trading volume signal that investors are losing interest. It also reveals that he is more conservative about investing in this altcoin. The increase, as experienced in Dogecoin, shows that investor interest and purchases have increased.
Whale transactions are on the rise
WhaleStats did an analysis of the top 100 Dogecoin holders on Binance. This analysis shows a 414% increase in transaction volumes, as well as a 10% increase in active addresses. This comes following Dogecoin’s return to the top 10 purchased tokens among the 100 largest BSC whales in the past 24 hours. Large transactions, in particular, are up 17% in the last 24 hours, according to data from IntoTheBlock. These large transactions typically refer to transactions over $100,000 on the Dogecoin network.
DOGE investors hold altcoin for a long time
Dogecoin hit an all-time high of $0.737 in May 2021. However, it has since lost 91.58% of its value. According to data from the on-chain analytics tool IntoTheBlock, 66% of addresses have held Dogecoin for a year or more. Also, only 4% of addresses have been investing in meme coin for less than a month. Accordingly, DOGE investors generally seem to adopt a long-term investment strategy.
Will altcoin price rise?
Coming to today’s prices, Dogecoin once again bounced off support at $0.061. However, this leap was seriously lacking in vitality. This means that there are no active buys at current levels. DOGE therefore looks set to continue range trading, except for a sustained move above $0.068 (50-day MA). In this case, Dogecoin will see the next hurdle on the chart at $0.091.
On the other hand, the RSI below the 50 neutral mark points to a slight advantage for the bears. If the price drops from the current level, Dogecoin will find the next support at $0.05. As we have reported as Kriptokoin.com, Dogecoin has experienced a 1.61% decrease in the last 24 hours. Also, the altcoin was trading at a unit price of $0.061.
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