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