According to a recent development, Dogecoin’s (DOGE) price is about to reach an all-time high. One significant element driving this recovery, according to IntoTheBlock’s analysis, is the absorption of 21.74 billion DOGE, which is presently concentrated in a price range of $0.1636 to $0.671.
This substantial amount, distributed over 953,590 wallets, currently entails losses for its holders. But if this supply bottleneck is cleared, DOGE’s price can rise significantly.
Although the prognosis is positive, analysts warn that if the price corridor shifts, the absorption process may put sell pressure on the market. With a peak value of $0.74, DOGE is currently priced at $0.152, indicating the possibility of significant gains.
Interestingly, just a small portion of Dogecoin addresses are represented by the volume in question. Based on data, 122.75 billion DOGE are held by 5.13 million addresses, or 81.05% of all addresses. This significant ownership offers each cryptocurrency a solid base, but it also increases the possibility of increased sell pressure.
In this case, speculation over the market’s reaction is common, even when on-chain signs point to a clear route to a new high for DOGE. The Dogecoin community is faced with conjecturing about the ways in which several elements, such as investor mood and outside market dynamics, may affect the price trajectory of this well-known parody cryptocurrency.
