Dogecoin, the popular meme-inspired cryptocurrency, has been the talk of the town lately. Santiment, a cryptocurrency analytics firm, recently tweeted that Dogecoin has been a hot topic ever since Twitter changed its logo to a Dogecoin symbol, sending the community into a frenzy.
While many laughed and shared memes, Santiment’s latest report dives deeper into on-chain metrics to see whether further pumps are coming.
After the logo change, Dogecoin went on a surprise 33% pump, causing a decoupling from the rest of the crypto market. However, as prices have calmed down and Dogecoin corrected 9% from its surge, it is time to analyze what is happening.
According to the report, top signals indicated that major players were getting out of the asset or at least taking heavy profits. Additionally, the 30-day MVRV is sitting at +11%, considered a “danger zone” when altcoins hit +20% or more.
The report suggests that although Dogecoin did not reach that level, there could still be some extra cushion for rising prices.
However, DOGE addresses were divided into four key sizes. The analysis showed that the smallest fish addresses were bought aggressively as the price was peaking, which is typical of a price top.
The dolphins and sharks addresses did not show any signs of engaging with the rally. The whales’ addresses seemed to have shown some interest in mild accumulation leading up to Elon Musk’s DOGE logo replacement on Twitter.
Furthermore, the report notes that Dogecoin’s recent pump brought it back to the highest price in relation to Bitcoin since February 23rd. However, the chart shows consistent “lower highs,” making it hard to get too excited about a bigger rally.
Nevertheless, While DOGE’s temporary surge was exciting for its community, Santiment’s analysis shows that it’s important to take a step back and analyze on-chain metrics to make informed investment decisions.
Dogecoin Price Prediction
Dogecoin is currently trading at $0.0893 as of today, April 6th, 2023. According to market experts, the future of Doge looks bright as it has been receiving positive signals from technical analysis indicators.
The latest Doge price prediction reveals that almost all technical analysis indicators indicate bullish signals, while some signal bearish ones. However, the overall sentiment among Dogecoin price predictions remains bullish.
Over the last 30 days, Doge has shown a remarkable increase of 20.42%, making it an attractive investment option for traders. This upward trend is expected to continue, with a slight recovery in the coming month. By the end of April, the value will increase by 118.08%, reaching nearly $0.19.
Related Reading | Binance Under Scrutiny, Dubai Cracks Down On Crypto License Applicants: Report
