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There has been a shift in market sentiment towards Dogecoin, with bulls currently controlling 30% of the market. Based on the surge in bullish activity, which has reached 30% at the time of writing, more investors may be buying DOGE rather than selling it.
Dominance is dynamic and can change quickly, so keep that in mind. Like other cryptocurrencies, Dogecoin market sentiment can fluctuate. This means that even though DOGE is currently trending positively, it is very important to remain vigilant, as well as continue to monitor other indicators that can impact the market.
DOGE/USDT chart by TradingView
The concentration of large holders, which currently stands at 62%, is an important on-chain metric to consider. The fact that a small number of large holders hold the majority of DOGE’s supply suggests that price fluctuations may occur if these holders decide to buy or sell large amounts. Furthermore, 74% of DOGE holders have made a profit at current prices, which could mean that many investors still stand to profit and decide to continue holding rather than selling their assets. This may indicate that there is a
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In the past 24 hours, over 5.07 billion DOGE was exchanged in numerous large trades. This is still significantly lower than the 7-day high of 8.64 billion DOGE recorded on August 23, 2024, but closer to the 7-day low of 4.57 billion DOGE.
The volume of large trades also shows some activity, with 827 trades in the past day, suggesting that there is still significant trading taking place. Dogecoin’s price movements can still be highly influenced by Bitcoin’s movements, as indicated by the high price correlation of 0.95 between the two currencies.
