Following the live trading announcement, DTX Exchange has attracted over 20,000 new investors, signaling strong interest in the platform.
Meanwhile, the ongoing battle between Dogecoin (DOGE) and PEPE continues to heat up as PEPE aims to challenge DOGE’s dominance in the meme coin market.
With both assets capturing attention, investors are keen to see how these developments might shape the future of cryptocurrency. In this article, we will discuss these trends and their potential impact.
DOGE traders see modest gains; Long-term holders remain confident
New data has revealed that short-term Dogecoin [DOGE] traders, those who have traded in the past 30 days, have seen only modest gains averaging +1.7%.
In contrast, long-term traders, who have held positions for a year, are down nearly 20.8% compared to their status a year ago.
Let’s have a closer look at DOGE’s state to find out whether long-term investors will also enjoy profits this year.
Santiment recently posted an analysis revealing the states of different types of DOGE holders. As per the analysis, DOGE did benefit last month because of the memecoin frenzy that happened after Tron’s SunPump launch. However, the trend has changed.
As per CoinMarketCap, DOGE’s price dropped by more than 3% in the last 24 hours. At the time of writing. Dogecoin was trading at $0.09956 with a market capitalization of over $14.5 billion.
AMBCrypto then checked IntoTheBlock’s data to find out the concentration of long-term holders. We found that despite this latest setback, the number of holders (addresses holding DOGE for more than 1 year) actually increased over the last several months.
This clearly indicated how long-term holders were confident in the world’s largest memecoin.
PEPE overvalued as NVT ratio soars after $28M whale withdrawal
On-chain data shows meme coin Pepe (PEPE) is at its most overvalued since the start of the year. This follows a whale withdrawing 4 trillion tokens worth $28.40 million from Bybit.
While some may rush for gains, caution is advised. PEPE’s Network Value to Transaction (NVT) ratio has soared to its highest level since the beginning of the year. This metric, which compares PEPE’s market capitalization to the value of its tokens transacted daily, currently sits at 202, having risen by 494% over the past 24 hours.
An asset’s NVT ratio spike indicates that its market capitalization is increasing faster than the volume of transactions on its network. This signals that the asset is overvalued, and the current market conditions do not support such movements.
The quick increase in PEPE’s NVT ratio over the past 24 hours hints at market speculation. The fact that the ratio spiked after a whale removed over $28 million worth of tokens from an exchange makes this even more likely.
DTX exchange presale raises $2.5M; Utility token sees 200% Return
DTX Exchange (DTX) is one of the hottest presales as per some analysts. It has already raised over $2.5M and could hit $3M before the end of next week. The recent L1 blockchain launch of the DTX Exchange has boosted this performance. The L1 blockchain will be the foundation for this trading platform, which Crypto Chino says could be one of the best.
They say this as DTX Exchange brings something new – a hybrid trading model combining CEX and DEX’s best. Therefore, people can buy over 120K asset classes like crypto coins, gold and stocks in one place at a 1000x leverage. Plus, DTX Exchange does not do any sign-up KYC checks, giving all complete privacy – a big advantage over its peers.
The DTX utility token will power this platform. Holding it will give you access to better analytics tools and smaller trading fees. It is now in Stage 3 of its presale and costs only $0.06. Those who bought it early are seeing a 300% return. However, this price will jump to $0.08 after Stage 4 begins, and experts predict another 60x surge once a Tier-1 CEX lists it in Q3 of 2024.
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