{"id":533106,"date":"2023-05-16T08:40:03","date_gmt":"2023-05-16T08:40:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=533106"},"modified":"2023-05-16T08:05:41","modified_gmt":"2023-05-16T08:05:41","slug":"will-dogecoin-doge-break-free-from-limbo-market-awaits-bullish-catalyst","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/will-dogecoin-doge-break-free-from-limbo-market-awaits-bullish-catalyst\/","title":{"rendered":"Will Dogecoin (DOGE) Break Free From Limbo? Market Awaits Bullish Catalyst"},"content":{"rendered":"
Dogecoin (DOGE) finds itself in a curious state of limbo. As the once frenzied sell pressure subsides, the market sees the bulls hesitating on the sidelines, uncertain of their next move.\u00a0<\/span><\/p>\n While DOGE’s price action continues to captivate the attention of both enthusiasts and skeptics alike, its current trajectory is influenced by a unique combination of factors.<\/span><\/p>\n Retail accumulation has emerged as a significant force, driving the coin’s value amidst a backdrop of relatively low demand from whales.\u00a0<\/span><\/p>\n As the dog-themed digital asset navigates these shifting tides, its future remains bleak, leaving investors and observers eagerly speculating on what lies ahead for Dogecoin.<\/span><\/p>\n <\/p>\n Dogecoin’s <\/span>recent supply <\/span>distribution <\/span>analysis<\/span> has shed light on the behavior of cryptocurrency holders<\/a>. Since the beginning of May, addresses with smaller DOGE holdings have been steadily accumulating the meme-inspired digital currency. <\/span><\/p>\n This accumulation has instilled hope among DOGE holders, who anticipated a significant rally during the latest meme coin season.<\/span><\/p>\n Since the beginning of May, addresses with 100 million to 1 billion DOGE have been reducing their holdings<\/a>. It was the second-largest group of whales overall, accounting for nearly 20% of the circulating supply.<\/p>\n In line with these expectations, retail traders have actively participated in accumulating DOGE in the past few days, contributing to its overall demand.<\/span><\/p>\n <\/p>\n Despite its status as one of the pioneering meme coins, Dogecoin failed to secure a prominent position in the ongoing <\/span>meme coin craze<\/span><\/a>, which has captured the attention of the crypto community.<\/span><\/p>\n However, while the accumulation trend among smaller DOGE holders points to a potential rise in its value, there has also been noteworthy sell pressure originating from some of the largest whales.\u00a0<\/span>This conflicting market behavior has created an environment of uncertainty for Dogecoin.<\/span><\/p>\n As of the latest data from <\/span>CoinGecko<\/span><\/a>, DOGE is currently priced at $0.072314. Although the cryptocurrency has experienced a slight setback with a 1.2% slump in the past 24 hours and a 0.1% decrease over the past seven days, it remains to be seen how these market dynamics and the ongoing supply distribution will shape the future of Dogecoin.<\/span><\/p>\n <\/p>\nSource: Santiment<\/pre>\n
Dogecoin Supply Distribution And Market Expectations<\/strong><\/h2>\n
Source: Coingecko<\/pre>\n
DOGE total market cap slightly above $10 billion. Chart: TradingView.com<\/a><\/pre>\n