Will December’s purchases Be the Beginning of the Rise for the DOGE?
Will December’s purchases Be the Beginning of the Rise for the DOGE? The $1 million Dogecoin trade in whales reached its highest level since late November. The demand for memecoin remains in a state of near-death. Dogecoin [DOGE] transactions in the region of $ 1 million and above unexpectedly reached a significant number for the first time in December 2022.
According to Santiment, DOGE whale transactions around the mentioned amount stood at 37 at the time of writing. Therefore, these wallet investors saw DOGE being tested well when memecoin continued to be negative since November 30. But that was not the only significant event that triggered DOGE. Just like the seven-digit number, trading at $ 100,000 also hits 179. However, whales have made many sales before the recent update.
Faith is still not perfect
The move follows a decline in his positive outlook. Although the whales can be created together, Santiment showed that investors decided to sow seeds of doubt because rationality went down to 357. This reduction, however, is not sufficient for the reduction of negative effects. Looking at the news on the chain, DOGE’s bad opinion reached 234. So the information mentioned above shows that the opinion of Dogecoin investors is on the neutral side.
As a result, the issue of memecoin continued to shake with time. In addition, the discussion centered on the ability of the coin to become a payment network for Twitter has decreased. As of writing, the microblogging platform has not publicly disclosed its payment plan, leaving the DOGE community in doubt.
After further research, Dogecoin’s active 24-hour active addresses remain at around 100,000. At the time of going to press, the number of active addresses is 114,000. As this is a slight increase from the previous day, it suggested that investors are involved in various DOGE transactions in the same level and equity.
With a one-day announcement, Dogecoin corrected its initial decline. As it shines up to 1.3 billion, that means that a good number of DOGEs have been touched five or more times in the last 24 hours.
Dogecoin earns money
Short-term distrust revolved around DOGE. Another proof of this uncertainty is shown by the 30-day stock market volatility (MVRV). Based on the MVRV ratio, the short-term view shows that the losses incurred in the portfolio have been exhausted. At -0.765%, it shows that investors bought DOGE after Nov. 27 and continue to hold must receive a change in value.
This means that most of the things that are brought in are not even damaged. Therefore, only a small level of profit is not achieved and the power is weak.