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Data shows 340,000 addresses bought 64 billion DOGE at this price forming ‘stable support floor’

Data shows 340,000 addresses bought 64 billion DOGE at this price forming 'stable support floor’

After the widely publicized acquisition of Twitter (NYSE: TWTR) by the Tesla (NASDAQ: TSLA) CEO Elon Musk sent one of his favorite cryptocurrencies – Dogecoin (DOGE) – through the roof, there is more good news for the dog meme token.

Indeed, over 340,000 addresses had “purchased nearly 64 billion DOGE at an average price of $0.092, providing a stable and stiff support floor for DOGE,” as observed by crypto trading expert Ali Martinez on November 2, upon analyzing data retrieved from digital asset analytics platform IntoTheBlock.

Addresses holding DOGE. Source: Ali Martinez

More precisely, the data shows that 340,500 addresses purchased 63.72 billion DOGE at the minimum price of $0.069076 and the maximum price of $0.126317. In other words, these crypto wallets bought an average of $5.86 billion-worth of Dogecoin.

DOGE price analysis

Meanwhile, DOGE is changing hands at the price of $0.1333, which represents a growth of 1.28% on the day, as well as a whopping 77.57% increase across the previous week, adding up to the triple-digit monthly advance of 119.67% and making it the largest monthly gainer among all cryptos.

DOGE 7-day price chart. Source: Finbold

At press time, DOGE’s market capitalization stood at $17.73 billion, retaining its position as the eighth-largest cryptocurrency by this indicator, as per data retrieved by Finbold on November 3.

Earlier, crypto analyst Michaël van de Poppe suggested $0.15 as the area for DOGE short region scalping, $0.13 for long scalping, $0.11 as the region for “bounce long area here for some scalps of 5-15%,” as well as $0.085 for “swing longs.”

That said, the crypto community at CoinMarketCap is still bearish on the meme token’s future price, predicting it to trade at a median price of $0.08452 by the end of November and $0.07847 by the end of December, 2022.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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