Dedicated DOGE Holders Defend Meme Coin Amidst Declining Dogecoin Price, Returning to Month-Ago Levels
Dogecoin’s price fell by 16.5% between April 19 and April 23, bringing the price to $0.0789, the same price it was exactly a month ago. However, investors held firm, unlike in the past, when they cashed out before prices dropped. New investors rose to 4.49 million, with 230,000 new members joining in April. Older Dogecoin holders are also active, with active address ratios at 1.8%, sometimes reaching 2.43%. Whale activity prevented larger crashes, and while DOGE is yet to mark a new high for 2023, these actions could help support the digital asset’s recovery. Dogecoin holders’ participation has seen a remarkable rise, although the Relative Strength Index (RSI) dipped lower than its position from March 24 in the bearish zone. Addresses holding a balance of between 1 million and 10 million DOGE accumulated over 80 million DOGE worth over $6.3 million over the same period. Meanwhile, the meme coin has failed to reach a new high for 2023 and needs to breach the $0.0959 barrier.