Home Altcoins News Following a Price Drop to $0.11 Dogecoin Has Seen Rapid Growth

Following a Price Drop to $0.11 Dogecoin Has Seen Rapid Growth

Following a Price Drop to $0.11 Dogecoin Has Seen Rapid GrowthFollowing a Price Drop to $0.11 Dogecoin Has Seen Rapid Growth

For more than six months, Dogecoin has been on a downward trend. The meme currency, which gained popularity among investors, was able to climb to new highs, but was unable to repeat its performance. Nonetheless, this has not deterred investors from continuing to invest in the digital commodity. The whales have been the most prominent, since they have amassed large sums of Doge throughout the decline.

The Whales of Dogecoin Aren’t Giving Up

Although Dogecoin is still a long way from its all-time high of $0.7, investors do not feel that the digital currency is doomed. In fact, based on how much they have lately purchased, Dogecoin whales seem to be the largest believers in the joke currency. These whales, who control the vast bulk of the digital asset’s supply, continue to add to their holdings at ‘discount pricing.’

Analytical companies which have tracked the distribution of cryptocurrencies and the percentages owned by major wallets have stated that during the current decline, data suggests that Dogecoin whales have increased their purchases.

It is very obvious that large numbers of Doge Wallets are on a buying spree.  Dogecoin had recently fallen to $0.11.  It did experience a substantial increase in trading volume.

Over the course of an observed 24-hour period, these wallets increased their holdings by 6.8%, bringing the total proportion of Doge controlled by whales to 66 percent. Given the altcoin’s recent poor momentum, this is a big improvement. Doge has dropped more than 60% of its all-time high value, making it a good moment to purchase for those who are interested.

Still Making a Profit

The bulk of Dogecoin holders are not losing money, even at what is considered low pricing considering how far the joke currency had risen last year.

According to Analysts, 54 percent of all Doge holders are still profitable at current pricing. In contrast, 45 percent of all holders are losing money, so there isn’t much of a difference between them and their profit-making peers. Only 1% of the population is in the neutral zone.

Investors seem to be primarily pessimistic on the digital asset, according to market indications. However, the meme coin’s whales do not seem to be deterred, as they have added millions of dollars worth of coins to their holdings.

Whales making this migration might indicate a rebound trend in the near future. However, with so many investors remaining negative, bigger accumulation figures than those now reported may be required to shift the needle significantly.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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