The chief economist of a blockchain data firm breaks down why the current dogecoin rally has more legs to run — and lays out why 'anything is possible' for the altcoin, including reaching $1
The caveat is that it is unlikely to stay at the hypotheticalfor long because dogecoin price responds to social campaigns, which often lead to spikes in price, trading volumes, and on-chain activity.
"So if the doge price were to reach a dollar on the back of a social campaign, then it would likely fall shortly after as many people rush to sell," he said in an email interview."After all, if the aim is to get doge to a dollar, where is the fun to be had in getting it higher than that symbolic level, when it would also be fun to take some profits?"In a Friday research report, Gradwell further dived into dogecoin's on-chain data.
. It then fell sharply later that year before surpassing one cent in January 2018, as Chainalysis mapped out in the chart below. The price trajectory of dogecoin is equally reflected in its on-chain data, which shows that dogecoin was liquid in its first year of supply in 2014 when 74% of supply was mined. The, which refers to dogecoins held by entities that send at least 25% of the coins they receive, similarly rose and fell as new investors came and left.
"Investors acquiring doge in the last six months now hold 25% of the supply, while investors who have held for more than two years decreased their share of supply from 30% in July 2020 to 20% today," Gradwell wrote in the report.Even though most dogecoin traders operate on exchanges, so far this year, the altcoin has had an average of 32,000This metric has moved in tandem with dogecoin's price, with a 0.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Paulina Porizkova thanks fans and explains why she posted teary photoIn a follow-up message, the former supermodel got candid about shame and how she has come to accept it in her life.
Read more »
Admit It: You Would Wear The Sh*t Out Of A dELiA*s Catalog Right NowAdmit It: You Would Wear The Sh*t Out Of A dELiA*s Catalog Right Now “The Barenaked Ladies were watching X-Files with no lights on. And you were drooling over the latest dELiA*s catalog.”
Read more »
It's Debra Winger vs. Madonna, Geena Davis, Penny Marshall, Hollywood, Basically EveryoneThe Oscar-nominated actress talks about why she quit A League of Their Own, why she left Hollywood, and more.
Read more »
Ben Affleck's ex-girlfriend Lindsay Shookus proudly reveals birthmark covering her entire legLindsay Shookus showed off her port wine birthmark in a recent Instagram post. The 'Saturday Night Live' producer emphasized that she is not defined by her birthmark.
Read more »
The Bestest Party Looks of the WeekWhy go out in August in anything but a sundress?
Read more »
How #BamaRush Took Over TikTokWhy is the University of Alabama’s sorority recruitment week the only thing on your FYP?
Read more »