Dogecoin : Key Investors Are Pulling Out
The HODL Waves indicators show that two key groups of Dogecoin holders are currently reducing their positions.
- Medium-term investors (6-12 months) have decreased from 15.46% to 14.705% in just two weeks.
- Short-term investors (1-3 months) have experienced a more significant drop, from 8.0% to only 4.614%.
This trend suggests that medium and long-term investors are disengaging, not just short-term traders. Their simultaneous withdrawal reflects reduced confidence in a short-term rebound, reinforcing the downward pressure on Dogecoin.
Currently, 76.95% of the circulating supply of Dogecoin remains profitable. Historically, once this threshold of 73% is crossed, significant price corrections follow. The last time this happened in July, Dogecoin fell from $0.24 to $0.21. As long as this high profitability doesn’t normalize, profit-taking is likely to continue weighing on the price.
Caution Advised for Dogecoin
From a technical perspective, Dogecoin is trading near a critical support level at $0.23. If it breaks below this level, the trend would clearly become bearish. The next key support sits at $0.22, but the broader target is $0.20, representing a potential 15% drop from current prices.
Additionally, the Bull and Bear Power indicator has shifted into negative territory, confirming the dominance of bearish forces. Retail investors are disengaging, while institutional buyers remain on the sidelines.
On-chain and technical data suggest that Dogecoin could undergo a 15% correction in the coming weeks. The simultaneous withdrawal of two key investor cohorts, combined with high profitability levels, creates increased downside risk. Unless there’s a quick reversal, caution remains advisable for this cryptocurrency.
How to Buy Dogecoin (DOGE) on Bitget ?
Take advantage of this trend; in the long term, DOGE has every chance of reaching $1 and possibly even $5 if a DOGE ETF is approved.
Here’s how to buy DOGE spot on Bitget :
- Sign up on Bitget : Create an account on the official Bitget website using an email address or phone number. Complete KYC verification for full access.
- Deposit funds : Navigate to the “Deposit” section and transfer funds in fiat (EUR, USD) or cryptocurrencies like USDT.
- Select the DOGE pair : In the “Markets” tab, choose the DOGE/USDT or DOGE/BTC pair.
- Purchase DOGE : Opt for a market order (immediate purchase) or a limit order (fixed price). Confirm the transaction.
