$DOGE Dogecoin (DOGE) has been on a wild ride over the last 24 hours and has proven to be one of the best performers in the crypto market. This movement is here to stay as there has been a huge increase in addresses taking profits.
While a CoinCodex forecast suggests that DOGE could see a drop of around 14% by the end of September, this has done nothing to dampen investor enthusiasm. In fact, for many, this marks yet another milestone in Dogecoin’s rather unpredictable journey.
At press time, DOGE was trading at $0.1083, down 3.6% in the last 24 hours, but up 9% in the last week, according to data from Coingecko.
More Addresses Become Profitable
All told, this latest price rally has seen 73% of Dogecoin addresses turn “into the money.” That means there are currently 4.72 million addresses that are making a profit.
On the opposite side, there are 1.61 million addresses that are 25.04% and are still in the red. There is also a small percentage that are ᅳ1.34% that are not making a loss.
But here’s the really interesting part: many analysts argue that if DOGE breaks through the resistance at $0.139, the number of profitable addresses will increase to 80%. This is important because it will trigger confidence among investors, leading to more buying and, arguably, higher prices.
Whales Not Worried
While there is talk of a potential price drop, whales, the big players in the Dogecoin market, are not far from being disturbed.
Data from Santiment also revealed that such large holders have actually piled into their positions in DOGE. Those holding between 100,000 and 1 million DOGE represent 6.14% of the total supply.
Dogecoin needs to gain strength above $0.139 to make a significant move towards a significant change. The level comes from a long-term moving average, and what’s interesting is that it’s quite deceptive: in fact, it had statistically played as a formidable long-term resistance for DOGE.
