- The unwavering support of Dogecoin (DOGE) by tech billionaire Elon Musk has helped the meme coin remain among the top ten most valuable digital assets.
- On-chain data shows some DOGE whales have been offloading their holdings to short-term holders who are likely to trade off with new and shiny meme coins.
Dogecoin (DOGE) remains the top meme coin by market cap following the unwavering support from tech billionaire Elon Musk and his family of unicorn companies. The large-cap meme coin, with a fully diluted valuation (FDV) of about $28 billion, recently crossed more than 7.2 million on-chain holders.
As a result, it is less likely that an investor could fail to get the desired liquidity on Dogecoin on various web3 protocols including centralized crypto exchanges. Furthermore, Dogecoin against top digital assets such as Ethereum, BNB, and USDT has a total liquidity of more than $24 million.
Dogecoin On-chain Analysis
As Crypto News Flash recently reported, the notable rise of new meme coins combined with Musk’s silence on the matter is gradually chasing investors away from Dogecoin. Furthermore, the rise of the Toncoin (TON) network to the top ten most valuable digital assets, fueled by its tap-to-earn meme coin on the Telegram social platform, has threatened to dethrone Dogecoin.
According to on-chain data analysis provided by Santiment, Dogecoin addresses holding between 10 million and 100 million units have offloaded more than 300 million DOGE units, worth around $55 million. Interestingly, short-term DOGE holders have increased their holdings to 13 percent of the total supply, thus increasing the risk of potential sell-offs.
On the Flipside
Dogecoin investors are also preparing for the upcoming Bitcoin halving, which triggers the parabolic phase of the macro bull cycle. Notably, Dogecoin is the second largest digital asset that is secured by the proof-of-work (PoW) consensus after Bitcoin.
Consequently, speculation on dog-themed meme coins has significantly escalated in the recent past to the extent of outshining altcoins with real-world utility. As previously reported by Crypto News Flash, Dogecoin is on the precipice of flipping Ripple Labs-backed XRP.
“Dogecoin’s notable presence in the top 10 isn’t just about its adorable mascot but also its significant price analysis predicting a 45% weekly jump. The excitement over a potential “dog coin season” and Binance listing other meme tokens like FLOKI leveraged Dogecoin’s charm, spotlighting the power of community-driven hype in crypto valuation,” Santiment’s insight noted.
DOGE Price Action and Mid-term Expectations
Dogecoin price has experienced a significant resistance level of around 20 cents after an impressive rally during the recent meme coin season. According to the latest market data, DOGE’s price has gained around 15 percent to trade at about $0.19 on Thursday, April 11, 2024.
From a technical standpoint, DOGE’s price is aiming to retest the all-time high soon following the bullish breakout earlier this year. Moreover, DOGE’s price against Bitcoin is currently attempting to break through the resistance macro falling logarithmic trendline.
A consistent close above 22 cents in the coming weeks will propel the DOGE price to a fresh multi-year high, thus ushering in a new era of dog-themed meme coins.
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