When Will Dogecoin (DOGE) Rise: What Does On-Chain Data Say?


According to data from IntoTheBlock, Dogecoin (DOGE) yields rose slightly to 53% after falling below 50% following the price drop in early May. In addition, according to analysts, on-chain data indicates that data on investors in a profit situation gives a bullish signal.

Dogecoin Data

The Dogecoin “hodlers” indicator, which refers to addresses that have held Dogecoin for over a year, currently stands at 62%. According to the data obtained, 33% of addresses have held their assets for a year, while 4% have DOGE in their wallets for less than a month.

According to the statements made, it is seen that most Dogecoin holders are medium or long-term investors. Therefore, it is thought that these investors will be able to purchase new DOGE. In addition, important developments continue to be experienced for DOGE.

For example; TAG Heuer, a top Swiss watch manufacturer, has announced that it accepts cryptocurrencies “including Dogecoin” as payment through a partnership with BitPay, according to an announcement. TAG allows customers up to $10,000 per transaction with no minimum crypto spending requirement.

Dogecoin Price

DOGE price continues to show bearish movements along with the whole market. At the time of writing, it is trading at $0.08. It is seen that DOGE, which has experienced a decrease of 1.8% in the last 24 hours, has experienced a pullback of over 5.5% in the last 1 week and over 39% in the last 2 months.

According to analysts, despite the developments in DOGE, the overall market outlook needs to be on the rise for the cryptocurrency to recover. In addition, analysts state that it may take 1-2 months for Bitcoin and the entire market to recover.