Amid a bearish market situation in the crypto domain, Dogecoin (DOGE) investors are amplifying their holdings. The crypto market observed a steep downfall in the aftermath of Bitcoin (BTC) plunging below the $116,000 mark. This incident marked the beginning of significant disbursements after a period of stability that lasted for multiple weeks. However, an array of altcoins managed to withstand the market pressure and proved their resilience in this trying time over the past three days.
Dogecoin has shown noteworthy fortitude on-chain this week, with its 50-day average reaching a half-year peak. The data revealed via Santiment illustrates that the 50-day average of major DOGE transfers, estimated at around $100,000, witnessed the highest level in the preceding five months. This surge in DOGE’s transactional activity coincided with an era where digital assets garnished amplified attention from institutional investors.
Dogecoin’s on-chain stats are demonstrating a positive trend, in stark contrast to the prevailing market pattern, signifying an encouraging drive towards rapid price restoration. At present, the trading unit of DOGE stands at $0.2197, marking a marginal 0.2% gain in a day when most other assets are witnessing a fall.
Dogecoin recorded significant transactional activity, marked by the incoming investments from new entrants, the majority of which came from the retail sector. This had positive implications and enhanced prevailing sentiment, leading to more widespread acquisition of the coin.
Dogecoin has managed to carve a lucrative market for itself functioning on both industrial momentum and whale inputs, setting it apart from the rest of the market. The impact Elon Musk had in boosting its adoption is undeniable, but the resilience of the leading meme coin, despite market fluctuations, is drawing investors back to its essential traits.
In an impressive move during the month of August, there was a steep increase in the number of whales who now hold between 1 million to 10 million DOGE tokens, climbing from 33 to 4,288. This demonstrates the presence of powerful backing from institutional investors.
Inflows from long-standing holders show a growing perception of value associated with Dogecoin at its current trading price. Following certain political amendments, Dogecoin re-encountered an uplift, with widely accepted crypto policies pioneering this movement.
The anticipation of a fresh altcoin season breathed life into the upward trajectory, and meme coins, in particular, enjoyed an upward lift as the fallout of these changes. The submission of applications to ratify exchange-traded-funds (ETFs) for altcoins in the United States provided an additional impetus to the meme coin economy.
The approval of spot ETF applications is expected to help channel billions in inflows and simplify accessibility to tokens for conventional investors. The direction of the wind is clear – meme coins, including DOGE, seem to be playing the tune to which the market dances.
The post Dogecoin Defies Market Trends, Records Upsurge Amid Bearish Climate appeared first on Real News Now.
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