February 6, 2024 1:31 AM | 2 min learn
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As Dogecoin (CRYPTO: DOGE) sees a 23% drop in worth since Dec. 9, the variety of wallets holding the cryptocurrency exhibits unprecedented development, as per a tweet by Santiment.
What Occurred: On Monday, crypto analytics agency Santiment highlighted a singular development within the Dogecoin community. Regardless of a major dip in Dogecoin’s worth, the meme coin’s community has seen fast development. In simply two weeks, 413.8K new wallets, primarily holding 0.001-1 Dogecoins, have been added. This development price is reportedly the quickest within the community’s decade-long historical past.
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This tweet comes amidst a normal downturn within the cryptocurrency market, with main cryptocurrencies like Bitcoin and Ethereum additionally buying and selling within the crimson.
Doge has declined 3.8% for the week as towards a 1.5% decline seen in BTC and a 0.2% appreciation in Ethereum. Over an extended 90-day interval, the meme coin, usually mentioned by Elon Musk, has managed to return a small upside of 5.95% in contrast with Bitcoin’s 20.9% rise and Ethereum’s 22.6% appreciation.
Why It Issues: Regardless of the dip, Dogecoin has been outperforming its memecoin rivals. Based mostly on knowledge from IntoTheBlock, the variety of holders in revenue for Dogecoin stands at 46.94% in comparison with 27.1% for Shiba Inu (SHIB), 24.8% for Pepe (PEPE), and 16% for Floki (FLOKI). Moreover, Dogecoin reported a smaller month-to-month loss (-4.6%) than PEPE (-24.6%) and Shiba Inu (SHIB) (-8.8%).
Cryptocurrency analyst Ali Martinez famous just lately that Dogecoin’s Bollinger Bands are at present at their tightest squeeze since October 2023, indicating an imminent spike in worth volatility.
Bollinger Bands, measuring volatility, consists of three bands round a transferring common, increasing with worth will increase and contracting with decreases, providing perception into relative volatility and a snapshot of a cryptocurrency’s volatility in comparison with historic norms.
Picture by way of Shutterstock
Learn Subsequent: ‘Dogecoin Killer’ Shiba Inu Flashing ‘Buy Signal’ Says Crypto Analyst Ali Martinez: ‘Could Climb To $0.01‘
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S&P 500 Hits All-Time Excessive!
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