- Dogecoin holders’ average profitability has hit 50% since the recent trend reversal in the memecoin.
- Dogecoin and Shiba Inu feature in the top 10 altcoins held by the 1000 largest Ethereum whale wallets.
- Analysts have a bullish outlook on Dogecoin price, predicting a 20% rally in the memecoin.
Dogecoin and its competitor Shiba Inu rank among the top 10 altcoins held by Ethereum network’s large wallet investors. Analysts believe Dogecoin price could recover from the recent drop and breakout in a massive rally.
50% of Dogecoin holders are profitable as accumulation continues
The top 1000 large wallet investors on the Ethereum network have scooped up Shiba-Inu-themed cryptocurrencies, Dogecoin and Shiba Inu. Dogecoin now ranks among the top 10 holdings in Ethereum whales’ portfolio.
Based on data from Whale Stats, the top 1000 wallet addresses on the Binance smart chain account for $50 million in Dogecoin (BEP-20). The Binance chain powers a BEP-20 token, one-to-one with the Shiba-Inu-themed memecoin.
During the recent crypto market bloodbath, proponents noted Dogecoin accumulation by whales. There was a spike in on-chain activity on the Dogecoin network. Historically, rising transaction volume and accumulation by whales is considered indicative of a price rally.
IntoTheBlock, a crypto data intelligence platform, reveals that Dogecoin’s current profitability is above 50%. This indicates the Dogecoin price is in a “neutral” price range, implying the memecoin could break into an uptrend.
FXStreet analysts have evaluated the Dogecoin price trend and predicted that bulls are set to break the memecoin’s simple moving average. Analysts note that the Shiba-Inu-themed currency’s price is at a historically significant level, $0.1592, from July 2021.
Despite a drop in Dogecoin price, bulls are keen on pushing prices higher. The recent price trend and bullish catalysts could fuel a 20% rally in Dogecoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.