Dogecoin’s Price Approaches $0.20 Amid Surge in Medium-Term Investors, Data Shows

By CG_Arman On Dec 24, 2021

[ad_1]

According to research the price of Dogecoin is close to $0.20 due to the an increase in investors who are medium-term

Based on information from the IntotheBlock analysis, Dogecoin has more medium-term investors than it did one year ago. Dogecoin is nearing the $0.20 mark as its price continues to rise for the third straight day.

The month of December, 2020 Dogecoin hodlers were 2.04 millions addresses which is 74.35 percent of total addresses. Cruisers were at 537,870 addresses, or 19.6 percent and traders at addresses of 165,860, which is 6.06 percent, according to the historical data of IntoTheBlock analytics.

Hodlers, also known as long-term investors in this case are the passive investors who have had the assets for more than a year. Cruisers, or investors with a mid-term perspective hold the asset for a period of between one and twelve months. On the other hand, traders who keep the asset shorter than 30 days, are called short-term investors.

Now, let’s move forward to the month of December 2021 and it seems like there’s some change in this direction. As of now, 41.55% (1.8 million addresses) are hodlers, 52.69% (2.28 million addresses) are cruisers, and 5.77 percent (249,880 addresses) are traders, as per statistics provided by the IntoTheBlock.

Although the amount of traders who trade on a short-term basis has slightly increased during December 20, it appears to be a greater number of investors with a medium-term perspective, also known as “cruisers,” since long-term investors have given up.

The price action of Dogecoin

Dogecoin (DOGE) has shown an increase in value from mid-December to the end of December following Tesla CEO Elon Musk said that Doge could be used for certain transactions. Musk tweets, “Tesla will make some merch buyable with Doge & see how it goes.” Its price soared around 48% as a result of Musk’s tweet, and reached a peak of $0.220.

The token with a dog theme retraced its rise below $0.20 and a close-term low of $0.161 which has since increased its momentum to reach $0.20. DOGE/USD continues to gain momentum through the third day of Thursday, increasing by more than 3 percent over the last 24 hours, but still falling by 3 percent on a daily basis despite a recent decline.

The current price for Dogecoin is $0.176 and has the volume of trading at $1,123773,873 during the past 24 hours. It’s number 2 by CoinMarketCap and has an active market cap of $23,468,303,364. The maximum quantity isn’t yet known, but it is circulating with a supply of 132.644,316.641 DOGE coins.

[ad_2]

Source link