Key Points:
- Dogecoin is gaining more attention from people.
- Big and small investors are buying more Dogecoin.
- The price could still be affected by market risks.
Dogecoin had a strong start in 2024 but lost most of its gains. Despite this, it remains popular in the memecoin world. Recently, more people are talking about Dogecoin again. Data from LunarCrush shows that Dogecoin’s social activity is now as strong as other big coins like Bitcoin, Ethereum, and Solana.
This increase in attention comes when Dogecoin’s price has dropped a lot. At $0.097, it is down 57.25% from its highest point in 2024. More people talking about Dogecoin might bring more buyers. But just because it’s popular doesn’t mean the price will automatically go up.
Dogecoin’s Price Movement
Dogecoin’s price has been stuck in a small range and is close to a point where it could move up or down sharply. The increase in social activity might mean more people will buy it, but that doesn’t guarantee the price will rise.
Market data shows many people are betting against Dogecoin at its current price. Over 2 million short positions were recorded in the last 24 hours as the price dropped from around $0.099. However, some investors are still hopeful, as seen by the number of long positions, which reached $4.16 million at the same price level. This shows that while some expect the price to drop, others believe it will rise.
Big and Small Investors Buy More Dogecoin
Big investors, called whales, and small investors have been buying more Dogecoin over the past month. On August 5, whales held 64.47 billion DOGE, or 41.49% of the total supply. By September 5, this increased to 65.39 billion DOGE, or 41.73% of the supply. This steady buying by large holders shows they still believe in Dogecoin’s potential.
Small investors are also buying more Dogecoin. A month ago, they held 58.44 billion DOGE, which made up 37.7% of the total supply. By September 5, their holdings grew to 59.24 billion DOGE, or 37.8% of the supply. This shows that regular people are also interested in Dogecoin, hoping the price will go up again.
However, big financial companies, known as institutional investors, have reduced their Dogecoin holdings over the past month. On August 5, they held 32.51 billion DOGE, but by September 5, their holdings dropped to 32.08 billion DOGE. This decrease might mean they are being cautious and waiting for better market conditions before buying more.
Looking Forward
Dogecoin is getting more attention, and both big and small investors are buying more. But the market is still uncertain. Many short positions and a drop in institutional holdings suggest some investors are worried. Dogecoin’s lower price might attract more buyers, but it’s unclear if this will lead to a real price rise.
In the next few days and weeks, it will be important to see how Dogecoin’s price reacts. While more interest and buying could help the price, overall market conditions and investor confidence will play a big role in determining if Dogecoin can see a real price rise. For now, Dogecoin holders and potential buyers should stay alert and watch for any signs of a price breakout or more drops.
