Dogecoin slips to number ten despite bullish on-chain trends

DOGE has recorded huge weekly losses following the crypto market dump.
Traders expect that Doge Day and Bitcoin halving could trigger a price rally.
DOGE has witnessed impressive growth in its on-chain data as investors refrain from taking profits.

Michael Ebiekutan FXStreet

Dogecoin (DOGE) is gradually recovering from the recent crypto market crash, but recent moves from Toncoin have seen it slip to number ten among top cryptocurrencies by market capitalization on Monday. While DOGE hasn't posted impressive gains in the past two weeks, on-chain data signifies traders expect a bullish run.

Also read: Dogecoin price could make a 15% recovery as DOGE market attempts to determine a bottom

Dogecoin is poised for a rally

Dogecoin took a hit alongside other altcoins on Friday following the crypto market crash. Despite improvements in several of its on-chain metrics, DOGE's price has yet to reflect growth. In the past week, DOGE has lost more than 24% of its value amid a general calm in the meme category. This has caused it to lose its number nine spot in the top cryptos by market cap to Toncoin.

The new week may differ as Doge Day coincides with the fourth Bitcoin halving event. The Dogecoin community sets aside April 20 to celebrate the largest meme coin every year. While the last two Doge days—2022 and 2023—have been lackluster, investors are expecting this year to be different, considering it coincides with the Bitcoin halving. On top of this, Coinbase will also list a Dogecoin futures contract on April 29 after gaining approval from the Commodity and Futures Trading Commission (CFTC).

As a result, traders are moving the meme assets away from exchanges. Over the weekend, one whale moved 150,000,000 DOGE worth more than $26 million from crypto exchange Robinhood to an unknown wallet, according to data from Whale Alert. Within seven days, exchanges have seen net withdrawals of 110 million more DOGE than deposits. Dogecoin has also recorded an increase in users, as 6.3 million new addresses joined the network in the past 30 days.

Additionally, according to data from IntoTheBlock, 85% of DOGE holders are in profit, but they are holding onto their tokens, which indicates bullish sentiments. Although DOGE has no fundamentals that can catapult its rise, traders may be targeting DOGE day, the Bitcoin halving, and the Coinbase DOGE futures listing as potential rally triggers for the meme coin.

Also read: Dogecoin price is set and ready for a run up, but there’s a catch

DOGE is trading at $0.16, up 4.6% in the past 24 hours.

Author

Michael Ebiekutan

FXStreet

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

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