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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 .

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