Dormant Dogecoins (DOGE) Awaken Following 19% Dip from Price Peak

2024-12-11 13:00

Leading meme coin Dogecoin (DOGE) has recently seen increased activity, with long-dormant coins being moved. These coins have begun to change hands following a 19% decline in the coin’s price since it climbed to a three-year high of $0.48 on December 6.

This coin movement is a bullish signal as it indicates that previously dormant Dogecoins are back in circulation, increasing network activity and setting DOGE up for a rebound. 

Dormant Dogecoins Change Hands

The on-chain metric in focus here is Dogecoin’s Mean Dollar Invested Age (MDIA), which has trended downward over the past few weeks. This metric measures the average age of all coins in a network weighted by their purchase price, reflecting how long they have remained in wallets. 

When the MDIA rises, it means coins are staying in wallets longer, indicating reduced network activity and often signaling market consolidation. On the other hand, a declining MDIA indicates increased network activity as dormant coins re-enter circulation, often signaling bullish momentum.

According to Santiment, DOGE’s MDIA has dropped to 370 days, indicating that long-held coins have become 31% younger over the past eight weeks as they continue to change hands.

Dogecoin Mean Dollar Invested Age. Source: Santiment

When MDIA trends downward in this manner, dormant coins, often held by major stakeholders or long-term investors, come back into play, leading to increased network activity, which positively impacts price. 

“This is one of the key indicators throughout the history of each coin’s lifespan that helps validate that a bull market can and should continue. The 2017 and 2021 bull markets similarly did not come to a halt until assets’ mean ages started going “up” (getting older) again,” the on-chain data provider stated in a post on X.

DOGE’s positive funding rate across cryptocurrency exchanges confirms this bullish outlook. The meme coin’s funding rate is 0.003% as of this writing. 

The funding rate is a periodic fee exchanged between traders in perpetual futures contracts to keep prices aligned with the underlying asset. A positive funding rate means that long traders (those betting on price increases) are paying shorts, indicating bullish sentiment and potential upward price pressure.

Dogecoin Funding Rate. Source: Santiment DOGE Price Prediction: 3-Year High Back Within Reach

On a daily chart, DOGE trades above its Super Trend indicator, which offers dynamic support at $0.34. This indicator measures the overall direction and strength of a price trend. It appears as a line on the chart, changing color based on the prevailing trend: green signifies an uptrend, while red indicates a downtrend. 

If this bullish trend persists, DOGE may witness a rebound toward its three-year high of $0.48.

Dogecoin Price Analysis. Source: TradingView

Conversely, DOGE’s price could decline toward the support level indicated by its Super Trend indicator at $0.34. If bulls cannot maintain this support, the price may further drop to $0.31.

The post Dormant Dogecoins (DOGE) Awaken Following 19% Dip from Price Peak appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Etherisc DIP Token (DIP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0251189
Капитализация $0 Rank 99999
Доступно / Всего 0 DIP

dip price doge dormant dogecoins peak awaken

dip price → Результатов: 126


Фото:

Where to buy New Kind of Network (NKN): the coin of the new Kind of Network Infra for Decentralized Internet

The New Kind of Network (NKN) coin is getting back to its feet after a major dip that saw its price drop to around $0.18 in mid-July. The coin is currently on a bullish trend; something that has attracted the attention of most investors who are expecting it to hit its all-time high before the […] The post Where to buy New Kind of Network (NKN): the coin of the new Kind of Network Infra for Decentralized Internet appeared first on Invezz.

2021-11-9 09:58


Фото:

Shiba Inu (SHIB) Price Analysis: Could Robinhood and Kraken listings save the token after the recent dip?

Shiba Inu SHIB/USD is a decentralized cryptocurrency that was created in 2020 by an anonymous person or group of people under the pseudonym Ryoshi.   It is an Ethereum-based ERC-20 token heavily inspired by Dogecoin, which over time evolved into its own ecosystem, consisting of ShibaSwap as well as the LEASH and BONE tokens.

2021-11-4 16:48