Dogecoin on-chain analysis: Is speculative DOGE price action back? |
Dogecoin, the meme-inspired cryptocurrency, hit an all-time high of $1,000 in December of last year. But has it reached a new all-time high in 2018? In this article, we look at the possibility of Dogecoin reaching a new all-time high, based on a detailed analysis of the on-chain data.
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On-chain analysis is a technique to analyze data on blockchain to get more insights into the network and the technology. Lately, people are interested in understanding the speculative nature of the price action of the Dogecoin (DOGE) and the underlying fundamentals.
A few months ago, I wrote a blog post titled “Dogecoin on-chain analysis: Is speculative DOGE price action back?”, which showed how speculative DOGE price action was back on-chain, and that it wasn’t as bullish as it was in early January. After a few months of seeing speculative DOGE price action return on-chain, I’m happy to say speculative DOGE price action has been back for months now. As I mentioned in my previous blog post, speculative DOGE price action was a temporary catalyst for a minor price rally in late January, and after the speculative DOGE price action subsided, the price continued to rally.. Read more about how much is one dogecoin and let us know what you think.
Year-to-date, this crypto asset has gone from $0.0055 to over $0.40 in 2021, a 72x year-to-date return. Recently, according to the quote on Coinbase and boosted by several tweets from Musk, the crypto meme is up over 32% in the past 48 hours. Using IntoTheBlock indicators, we will dive into the data to get a clearer picture of the recent price action. Dogecoin is widely known for its speculative activity, which can also be seen on the chain. The number of addresses holding DOGEs for less than a month – classified by IntoTheBlock as merchants – has also almost returned to the highs reached in May this year. Stand: June. 3 About IntoTheBlock’s dogecoin ownership measure (Source: IntoTheBlock) The chart above shows that approximately 18% of Dogecoin in circulation is in merchant addresses, meaning that a significant portion of the total supply has changed hands in the last 30 days. And as soon as Coinbase confirmed on its blog that it would begin accepting incoming DOGE transfers to Coinbase Pro, the derivatives market immediately reflected the positive news, with DOGE perpetual swap volume jumping a staggering 104% in just a few hours. From 3. June. 3, 2021 via IntoTheBlock’s DOGE Derivatives Stats (Source: IntoTheBlock) As in cash markets, the volume of derivatives can be used as an indicator of the strength of the price movement trend. Following Coinbase’s announcement, Dogecoin’s permanent exchange volume again broke through the $20 billion barrier, reaching levels not seen since the 14th. May was not seen again. Although the market is still uncertain and has moved sideways in recent weeks, there is positive news and buying activity around the major coin memorial. It is too early to say that the worst is over, but the channel and derivatives indicators are showing bullish signs again.
Guest post by Daniel Ferraro of IntoTheBlock
IntoTheBlock is an analytics company that uses machine learning and statistical modeling to provide actionable insights into cryptographic assets. Read more → read
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Dogecoin (DOGE) is one of the world’s leading peer-to-peer digital currency, with a market capitalization of more than $1 billion. The cryptocurrency is currently trading at $0.0017, down 50% since January 1, 2018.. Read more about dogecoin max price and let us know what you think.
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