Dogecoin (DOGE) has been making headlines over the last 24 hours with its wild ride in the crypto market. Despite a forecast predicting a potential dip in the near future, investor enthusiasm remains high as the meme coin continues to prove itself as a top performer.
Currently trading at $0.1083, DOGE has seen a 9% rally in the last week, according to data from Coingecko. What’s even more impressive is that 73% of Dogecoin addresses are now in profit, with 4.72 million addresses realizing gains.
Whales, the big players in the Dogecoin market, are not showing any signs of worry either. In fact, data from Santiment shows that large holders are increasing their positions in DOGE, with some holding between 10 million to 100 million DOGE representing 12.92% of the total supply.
The key level to watch for Dogecoin is $0.139, as breaking above this resistance could trigger a surge in profitable addresses and lead to further buying pressure. However, if DOGE fails to surpass this level, a period of consolidation could be on the horizon.
Overall, sentiment towards Dogecoin remains mixed, with the Fear & Greed Index currently at a neutral 54. While the market may not be experiencing extreme fear or greed, the unpredictability of Dogecoin is keeping both long-term holders and short-term traders on their toes.
With the rise in profitable addresses and the potential for a dip in the near future, caution is advised for those looking to invest in Dogecoin. Whether you’re a believer in its long-term potential or a cautious observer, one thing is for sureᅳDogecoin is a coin that you cannot afford to ignore in the weeks to come.
