Bittime - There is good news for Dogecoin (DOGE) fans! DOGE prices are predicted to soar and reach a record high. Analysis from IntoTheBlock reveals an important factor driving this increase: the absorption of 21.74 billion DOGE currently stuck in the $0.1426 to $0.1552 price range.
This large amount of DOGE, held in 953,590 wallets, left its owners at a loss. However, if this absorbed DOGE "block" can be broken down, the price of DOGE could increase significantly.
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Experts Warn DOGE Release Could Put Selling Pressure
Even though the forecast is positive, experts warn that this DOGE release process could create selling pressure in the market when the price moves up. Currently, DOGE price is at $0.152, with a record high of $0.74, indicating huge upside potential.
Also read: Whale Dogecoin (DOGE) Splashes 300 Million DOGE
It should be noted, the volume mentioned above is only a small portion of total DOGE holdings. Data shows that 5.13 million wallets hold 122.75 billion DOGE, or 81.05% of all DOGE wallets. This large holding provides a strong foundation for this meme coin, but also has the potential to increase selling pressure.
In conclusion, even though on-chain indicators (block chain) signal an increase in DOGE prices, there is still speculation regarding the market response.
The Dogecoin community is still wondering how other factors such as investor sentiment and general market conditions will affect the DOGE price going forward.
Current Performance of Dogecoin (DOGE).
Source: Bittime
Even though it was predicted to touch ATH, the DOGE token price actually experienced a significant decline in 24 hours. As of April 18, 2024, the price of Dogecoin (DOGE) was trading at IDR 2,327 (approximately $0.14), down 8% from the previous day. The 24-hour trading volume reached IDR 332.29 trillion (around $20.55 billion).
Even though DOGE's price is currently still far from its record high, its movement shows a positive trend in recent months.
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In March 2024, DOGE's price touched IDR 3,400 (around $0.20), driven by positive sentiment from Elon Musk and the Dogecoin community.
Factors Affecting DOGE Price
Apart from the factors mentioned above, several other factors can also influence the price of DOGE, such as:
- Investor sentiment: The demand and supply of DOGE is heavily influenced by investor sentiment. If investors are bullish (optimistic) towards DOGE, the price will likely rise. Conversely, if investors are bearish (pessimistic), prices will likely fall.
- Adoption: The more people and businesses use DOGE, the higher the demand and the higher the price.
- Technological developments: New technological developments on the DOGE platform, such as improvements in scalability or security, can attract new investors and drive price increases.
- General market conditions: General economic and financial market conditions can also influence DOGE prices. If the market is bullish, DOGE prices will likely rise. Conversely, if the market is bearish, DOGE prices will likely fall.
Also read: Business with Dogecoin (DOGE): This is a list of companies that accept DOGE!
Conclusion
Although there is still speculation regarding the future of Dogecoin, the potential for price increases is still wide open. Factors such as the absorption of 21.74 billion DOGE, increasing adoption, and technological developments could push DOGE prices to new record highs.
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However, it is important to remember that cryptocurrency investments always involve risks. Before investing in DOGE, make sure you understand the risks and only invest money you are willing to lose.
How to Buy Dogecoin (DOGE) on Bittime
You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR. To be able to buy DOGE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime.
Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
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How to Sell Dogecoin (DOGE), Here's the Guide!
Will Dogecoin (DOGE) Whales Push Price to $1?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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