According to Whale Alert, the wallet was revived on 5 February by a Dogecoin [DOGE] holder who possesses more than $2 million worth of the meme. The holdings were worth $186,364 at the time of writing.
DOGE was valued roughly $0.00022 nine years ago, which is a fraction of its current value of $0.09. This clearly demonstrated that the bearer had reaped enormous benefits from his unshakeable confidence in the coin.
However, Santiment statistics indicated that the increase in activity from this wallet did not spread widely. This was due to the fact that the five-year dormant circulation had dropped to 117,000.
However, it is worth noting that the measure had significant jumps in November 2022. The growth throughout the aforementioned time period meant that a number of latent holders emerged from dormancy.
The same could be true during the previous 365 days, when dormant circulation fell to 729,000.
Despite the drop in dormancy, active addresses on the Dogecoin chain have increased in the previous seven days.
The entire number of users that have given or received an asset across a network is represented by the active addresses. As a result, the rise shows that transactions on the Dogecoin environment were impressively operational.
While circulation increased over the prior seven days, it was a different story in the final 24 hours. The circulation describes the number of distinct assets exchanged during a certain time period.
As a result, the drop indicated that new addresses had failed to board the DOGE train. As a result, the increase in transactions was largely carried out by Dogecoin long-term holders.
Meanwhile, DOGE’s $0.1 target may have run into a brick block. The meme’s value has dropped by 3.30% in the previous 24 hours, according to CoinMarketCap. There was also a decrease in trade volume. But, in the long run, will DOGE grow to the delight of long-term holders?
The daily chart indicated an interesting prediction for DOGE based on the Exponential Moving Average (EMA). At the time of publication, the 200-day EMA (orange) and the 50-day EMA (yellow) were both at the same level.
This situation means that a significant increase in the DOGE value may be difficult. As a result, investors who have bought into the bull market rally may need to walk carefully.
In fact, because the 20 EMA (blue) is above both, there is a likelihood the price may fall.