Dogecoin holders turn diamond hands: DOGE most widely held by eToro users
- Dogecoin ranks among top five cryptocurrencies held by eToro users in Q3 2022.
- eToro users show preference for metaverse and NFT tokens and meme coins like Dogecoin.
- Analysts recommend long position in Dogecoin, predicting 20% rally in DOGE with $0.0769 level as target.
eToro, a multinational social-trading company, published its Q3 2022 report on cryptocurrencies that were the most popular among users of the platform. Dogecoin ranked fifth in the list consistently for three quarters. Dogecoin price has been on a winning streak recently, yielding holders 8% gains overnight.
Also read: Bitcoin Price: Whales ready to push BTC higher, accumulate $931 million worth of Bitcoin
Dogecoin ranks among most held cryptos on eToro
eToro, an Israeli multinational social trading and multi-asset investment company is focused on providing stocks and crypto to its 28.5 million registered users. The social-trading giant published its Q3 2022 report and revealed the fastest growing crypto assets.
Metaverse and NFT tokens, meme coins like Dogecoin rank among the fastest growing cryptocurrencies on the social-trading platform. At the end of Q3 2022, Bitcoin, Cardano, Ethereum, XRP and Dogecoin were the most held cryptocurrencies on eToro.
Most held cryptos on eToro at the end of Q3 2022
— eToro (@eToro) October 5, 2022
1️⃣ Bitcoin
2️⃣ Cardano
3️⃣ Ether
4️⃣ XRP
5️⃣ Dogecoin
Simon Peters, crypto market analyst at eToro said that the top 10 most held cryptocurrencies on eToro remained unchanged in Q3 2022. Dogecoin ranked fifth on the list consecutively for three quarters.
Peters argues that the stability reflects a tough period for markets, but also affirms a long-term buy-and-hold strategy among the investors in those assets, suggesting they’ve looked beyond short-term market volatility.
Analysts remain bullish on Dogecoin
Dogecoin price yielded 8% gains overnight and analysts retain a bullish outlook on DOGE. TraderSZ, a crypto analyst evaluated the Dogecoin price trend and set a target at the July high of $0.07695 for DOGE. The Shiba-Inu-themed cryptocurrency broke past resistance at $0.06350. The analyst predicted a 20% rally in Dogecoin price.
DOGE-USDT price chart
Akash Girimath, technical analyst at FXStreet believes Dogecoin price is ready to break above a multi-year resistance level and kickstart a 50% rally. The $0.066 level is key to Dogecoin’s bullish break and the Shiba-Inu-themed cryptocurrency is ready for a trend reversal.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
