Market participants who invested or mined Dogecoin for fun in 2016 and earlier began to think about their cryptocurrency. This was facilitated by a tenfold rise in the exchange rate since the beginning of this year. Coins, which were once not worth the trouble to exchange, can now bring in quite impressive sums.
As the founder of the analytical company Coin Metrics Nick Carter notes, over the past week, 872 million DOGE have awakened and returned to circulation, residing in the wallets of their owners for more than five years. At the rate of 2016, the cost of this cryptocurrency was only $ 200,000, and at the current rate – $ 284 million. Carter also notes that such phenomena are not observed in the bitcoin blockchain – only 4,165 old bitcoins have awakened in the last week, which is consistent with the usual dynamics.
Dogecoin Awakening Image: Coin Metrics
Until yesterday, the value of this Dogecoin volume was even higher. Ahead of Doge Day, the cryptocurrency peaked above $ 0.40, from where it corrected 20% to the current $ 0.325. The price fell below $ 0.29 tonight.
“A lot of retail crypto traders were hoping for a successful Doge Day and a trip to the moon,” said Edward Moya, senior market analyst at Oanda brokerage platform. – Some were planning to start taking profits around $ 0.50, while others had out of touch hopes of $ 1. The current retail rush probably won’t leave Dogecoin entirely, but the sales reaction to the event couldn’t be ruled out either.
Mike McGlone, senior strategist at Bloomberg in the commodity markets, also drew attention to the meme cryptocurrency.
“DOGE is gathering followers like a global cult, and little can stop it from continuing to rise, at least in the short term. Dogecoin is casino-like entertainment, “he wrote, adding that DOGE has shown a” deviating force “while Bitcoin has been undergoing negative dynamics in recent days.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
