The post Decoding the State of Dogecoin holders After DOGE Price Surged More Than 150% appeared first on Coinpedia Fintech News
Dogecoin has benefited from the recent upsurge in the global cryptocurrency market, which has led to a rise in the number of alternative cryptocurrencies. Following a significant increase in DOGE, the price of Dogecoin surpassed $0.15 for the first time since April 2022.
In April 2022, the price of DOGE reached $0.15, but it soon dropped and struggled to recover from a multi-year downturn. But after a recent rally, the meme coin is once again bumping up against the same level. Therefore, one of the important factors influencing its next move will be whether or not it can break above this approach.
It goes without saying that Elon Musk has a unique connection to Dogecoin. In fact, he plans to integrate DOGE within the Twitter platform for use in official payments. The price of Dogecoin has increased by almost 147%, outpacing the gains of the two biggest cryptocurrencies on the market–Bitcoin, and Ethereum.
DOGE Millionaires on Rise
Data show that as of November 1, there were 1,046 millionaire Dogecoins, surpassing 1,000 for the first time since April 2022. Notably, on November 1, the cost of DOGE also hit $0.15 for the first time since April. According to data provided by the cryptocurrency data tracking website BitInfoCharts.com, 887 DOGE holders have a balance of $1 million or more. Furthermore, 160 addresses have a balance of at least $10 million.
The coin’s value spike coincided with the significant rally as Elon’s deadline for the Twitter deal approached. Additionally, an increase in trade volumes also coincided with the surge. Santiment noted that Dogecoin transactions exceeded $100,000 and that crypto whale demand for DOGE is also rising.
Despite this, the cryptosphere has little faith in its prediction of DOGE’s price by the end of November. Maybe they think that the speculative activity observed in meme stocks and cryptocurrencies in 2021 can be attributed to the ability to sustain the Musk-inspired gains.