Skip to main content

Dogecoin Holders Remain Resilient Amid Downturn, Awaiting Potential Recovery

Dogecoin (DOGE) has gone through a 10% drop in value over the past month and reached a new 2023 low on Monday . Despite this long-term DOGE investors have demonstrated resistance and have been determined to avoid significant losses . Will their steadfastness be enough to initiate a potential Dogecoin recovery?
Just like many memecoins, Dogecoin entered a downtrend on Monday following the SEC lawsuit against major exchanges Binance and Coinbase . However on Wednesday DOGE witnessed a slight 2% rally which was driven by the conviction of long-term investors who were hesitant to sustain further losses . This suggests that a core group of investors are holding on to their DOGE positions and potentially laying the foundation for a rebound in the near future .
Data seized from IntoTheBlock reveals a notable increase in the number of diamond hand addresses that refer to long-term holders who keep their coins for a year or more . Between May 2nd and June 7th the number of long-term Dogecoin holders rose by 50,000 addresses while short-term trader addresses decreased by 224,000 . This data suggests that the recent sell-off was largely driven by short-term traders exiting their positions .

Comments

Post a Comment

Popular posts from this blog

Hex Price Prediction

HEX cryptocurrency is an innovative financial instrument launched on the Ethereum network on December 2, 2019. HEX uses blockchain technology. It aims to replace certificates of deposit, which are popular in traditional financial markets. This allows it to function as a store of value. Hex is also an ERC-20 token. Certificates of deposit are financial products that provide investors with interest earnings over a certain period of time and repay the principal at maturity. HEX brings this idea to the cryptocurrency world, allowing users to utilize their investments for the long term and earn interest. HEX’s blockchain-based structure aims to provide the reliability and transparency of traditional financial products. HEX tokens are traded by locking users in for a certain period of time and earning interest at maturity. This system helps to incentivize investors to think long-term and helps to steadily increase the value of HEX tokens. Furthermore, because HEX tokens run on the Ethereum n...
Post a Comment
Read more

Telegram Raises $270 Million in Bonds for Growth and Profitability

Pavel Durov’s Telegram has announced that it issued $270 million in bonds this week to fund its growth until it achieves profitability. The move is intended to provide the necessary funding to bring the company closer to the break-even point . With this bond issuance Telegram is aiming to guarantee its development and secure the resources needed for its expansion . Bonds vs. Shares: The Reasoning Behind Telegram’s Choice Telegram’s decision to issue bonds instead of shares is due to the significant rise in interest rates beginning from 2021 . By going for bonds the company can benefit from a different issue price and tap into the pool of interested investors. Bonds offer a promise of repayment of interest and serve as a loan contracted with investors who believe in the companys potential. FOR MORE INFO:  https://fincurrency.net/telegram-raises-270-million-in-bonds-for-growth-and-profitability
Post a Comment
Read more

Ally Invest or Betterment: Which to Choose in 2023

Do you find yourself overwhelmed by the number of options on the market when selecting an investment platform? It can be easy to get lost in all the features and jargon used by each provider but fear not: a few key characteristics separate Ally Invest and Betterment from one another. We’re here to break down exactly what sets these two platforms apart so that you can decide which is best for your needs. This blog post will explain why Ally and Betterment differ in their pricing structure, commission-free trading opportunities, asset allocation strategies, and customer service offerings – outlining their pros and cons. So whether you’re looking for advanced guidance or want something straightforward for your basic investing needs, this guide will help narrow your choices! FOR MORE INFO :  https://finvestime.com/ally-invest-or-betterment-which-to-choose-in-2023/
Post a Comment
Read more