From a surface-level analysis of its performance, one might point out DOGE’s slower development compared to leading digital currencies like Bitcoin and Ethereum. Dogecoin rise is relatively modest; as of this writing, it has declined 0.67% to $0.07408 in the previous 24 hours.
Although it has topped 7.52% in the week-to-date (WTD) period compared to Bitcoin’s 27.7%, the most recent positive rise in the ecosystem hasn’t moved it much for a digital currency acknowledged to have very high volatility.
Despite this prognosis, Dogecoin may experience an unexpected parabolic price surge in the short- to medium term.
Source: IntoTheBlock
According to the data, whales presently possess 45.53% of the whole DOGE supply, which is worth more than 63 billion units. This contrasts with the 35.31% of holders who are retail. If these whale accumulations continue to increase, the price of DOGE is likely to experience a large near-term increase.
Since hitting its all-time high price of $0.739, the Dogecoin price has dipped below a long-term declining resistance line. In June 2022, the price reached a low of $0.049. In addition, the price of DOGE is currently below the $0.080 barrier level. Since 2021, this crucial horizontal level has occasionally served as both support and resistance.
So, it is yet unknown what the Dogecoin price trend will be. A breakdown below $0.068 would slide toward $0.050, while a breakout over $0.080 might spark a fast upward surge toward $0.115.
On-chain statistics suggest that whale holdings may soon push Dogecoin, but there is a clear need for the protocol to diversify its built-in growth triggers.
In contrast to its rival Shiba Inu, who introduced Layer 2 protocol Shibarium, Dogecoin has been watching the ecosystem’s active development from the sidelines. In addition, more legacy Layer 1 protocol are introducing EVM compatibility, with Filecoin (FIL) taking the lead in this area. Without a diverse growth stimulus, Dogecoin’s goal of reaching $1 might not be realized for quite some time.
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