On the 31st of March, the bulk of cryptocurrencies lit up their candles with green. As a result, they maintained a positive 24-hour trend. Dogecoin has gained 1.55% in value over the previous day.
Investors Dumping Dogecoin ?
Although this seems to be a one-time slip-up, neither the price indications nor other measures appear to indicate that the attitude of investors has changed.
It was only last week that the decline that had been in place for ten months was finally broken. Dogecoin was able to narrow the gap over it. DOGE has witnessed a 6.64% increase in value during the previous week. This increase is because the Relative Strength Index (RSI) has not yet reached the overbought zone. Furthermore, the MACD indicator is not exhibiting any form of bearishness. Maybe this is creating some breathing space for the current trend to continue.
Also, the current value on each wallet address, which started to rise weeks ago, reached a two-month high of $4,791 on the 29th of March, the highest level in two months. Typically, the indicator behaves in this manner under two conditions: when the quantity of DOGE addresses reduces and when the market price of DOGE rises.
Luckily for the 3.84 million Dogecoin shareholders, both of these scenarios occurred over the previous few days. It is worth noting that prices have increased by 28% in the last two weeks. From the start of the month, an additional 720k wallet addresses left the system. According to IntoTheBlock, 70k Dogecoin investors have recently pulled their money out of the market.
Cardano Leading Other Altcoins
While Cardano competes with DOGE in terms of price, Shiba does so in terms of purpose. Currently, it seems that the volume is a big source of worry. This presents the issue of whether investors are no longer interested or if they have discovered a better alternative.
However, none of the altcoins has seen a significant increase in the number of its investors in recent months. Cardano has reported an increment of 30k wallet addresses as a result of the Dogecoin investor’s withdrawal from the network. On the other hand, Shiba Inu has been witnessing the polar opposite of this. Between the 7th and 30th of March, the Shiba network lost around 7k investors.
These might suggest that investors are beginning to lose faith since massive exits like this cannot be due to a price drop. Interestingly, the same volatility aspect that drew investors to these meme currencies may now be working against them.
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