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There has been a change in the sentiment of the market regarding Dogecoin, with bulls now controlling the market by 30%. More investors may be purchasing DOGE rather than selling it, according to this spike in bullish activity, which has reached 30% at the time of the writing.
The dominance is dynamic and subject to quick change, so keep that in mind. Like other cryptocurrencies, Dogecoin’s market sentiment can fluctuate. This means that even though DOGE is currently trending positively, staying cautious is extremely important, as is continuing to monitor other metrics that may have an impact on the market.Â
The concentration of large holders currently at 62% is an important on-chain metric to take into account. The fact that a small number of large holders hold a significant portion of DOGE‘s supply suggests that price swings may occur if these holders decide to buy or sell in large quantities. Furthermore, 74% of DOGE holders are profitable at the current price, which may indicate that a large number of investors are still in a profitable position and may decide to hold onto their assets, as opposed to selling.
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More than 5.07 billion DOGE have been exchanged in a significant number of large transactions over the past 24 hours. This is still much less than the seven-day high of 8.64 billion DOGE recorded on Aug. 23, 2024, but it is closer to the seven-day low of 4.57 billion DOGE.
With 827 transactions in the last day, the volume of large transactions has also demonstrated some activity, suggesting that substantial trading is still taking place. Dogecoin’s price action may still be significantly influenced by changes in Bitcoin, as indicated by the high price correlation between the two currencies at 0.95.
