Over 340K addresses had in the past purchased Dogecoin (DOGE) at an average cost of $0.09, establishing a firm support floor for the asset.
Top crypto analyst and influencer Ali Charts took to Twitter to highlight the current auspicious state of most addresses holding DOGE, citing data from market analysis platform IntoTheBlock.
Per data from IntoTheBlock, a massive amount of addresses that had previously purchased DOGE – about 340,500 – procured 63.7B tokens at an average price of $0.09, with the minimum and maximum purchase prices being $0.06 and $0.12, respectively.
According to Ali, this cumulative purchase has successfully established a steady support floor for DOGE at favorable levels, considering the sheer magnitude of the volume.
“More than 350,000 addresses previously purchased nearly 64 billion DOGE at an average price of $0.092, providing a stable and stiff support floor for DOGE,” Ali remarked in a tweet Wednesday, as he shared an IntoTheBlock dashboard.
Additionally, the dashboard revealed that most addresses holding DOGE are profitable during analysis. Addresses holding about 110.41B DOGE – representing 80.76% of the total circulating asset supply – are currently profitable.
On the other hand, addresses in loss appear to hold only 25.79B DOGE, representing 18.86% of the asset’s supply in circulation. Meanwhile, addresses with a 524.5M DOGE are at a breakeven price – these represent 0.38% of the asset’s circulating supply.
DOGE has been performing quite well amidst the hints of a Twitter integration from Musk that have reawakened investor interest, pumping demand into the asset. The asset, which had been consolidating below $0.06 in the days before Musk’s Twitter takeover, suddenly skyrocketed to a 6-month high of $0.15 on Tuesday.
Analysts have attributed this sudden price surge to a massive demand increase for the asset as investors look to rack in profits from a rally once the asset is integrated into Twitter’s payments system. As previously reported, Dogecoin influencer Matt Wallace recently claimed that Musk was already working on a DOGE payment for Twitter.
These reports have led to a massive transaction volume as demand rises. Per data from crypto market intelligence provider Messari, DOGE transaction volume in the past 24 hours sits at a whopping $1.84B.
Additionally, trade volume for the asset in the past 24 hours is currently $3.7B, as indicated by CMC. At this volume, DOGE towers over all other assets besides BTC, ETH, and the three major stablecoins: USDT, BUSD, and USDC.
Despite losing momentum in its recent rally, DOGE has retained a gain of 69% in the past week. The asset is currently changing hands at $0.13 – a value is last seen in May. Meanwhile, DOGE has shed 5% of its value in the past 24 hours at the time of reporting.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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