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DogeCoin’s Active Addresses Fell Short of an ATH with the Recent Pump

Abstract:

Dogecoin just lately set an all-time high of $0.087 – Binance rateHowever, on-chain metrics didn’t reflect the large value surgeDOGE’s lively addresses did not hit an all-time high as investors used RobinhoodRobinhood does not allow direct ownership of virtual assets

On the 29th of January, the net crypto buying and selling neighborhood inspired by means of the achievements of WallStreetBets with the pumping of Gamestop (GME), made up our minds to buy Dogecoin (DOGE) en masse. As a end result, the meme-coin went directly to hit new all-time highs of $0.087 – Binance rate.

The occasions surrounding the fantastic pump of Dogecoin (DOGE) is healthier captured by way of the crew at Glassnode by means of the next statement.

There’s no higher example of social media driven crypto hype than Dogecoin’s (DOGE) meteoric upward thrust. Born from a meme, DOGE is unsurprisingly being embraced on social media and fueled via teams on structures like Twitter, TikTok, Discord, Telegram, and Reddit. DOGE price jumped as much as over $0.085 on January 29th, shattering the former all-time prime of $0.017.

Dogecoin (DOGE) Energetic Addresses Fell Short Of an All-time High

The crew at Glassnode went directly to provide an explanation for that majority of the DogeCoin buyers did so via Robinhood which doesn’t allow them to really cling DOGE. in keeping with Glassnode, this avoided Dogecoin from achieving an all-time high in terms of active addresses. They explained:

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DOGE also benefited from Robinhood’s shortcomings: after Robinhood limited buying of GME, AMC, and different stocks on the morning of January 29th many buyers grew to become toward DOGE.

Despite the huge run up in value DOGE energetic addresses didn’t even succeed in a new all-time top.

This suggests that such a lot new consumers purchased and held on centralized structures like Robinhood instead of buying DOGE and retaining it in their personal addresses.

Dogecoin Consolidates at $0.030

At the time of writing, Dogecoin (DOGE) is buying and selling at $0.031 as buyers and investors ponder at the meme-coin’s subsequent transfer. The preliminary plan was once to pump DOGE to $1. Due To This Fact, there may well be another strive at pumping Dogecoin to no less than $0.10.

However, as with all price gains orchestrated by way of social media, any other mega pump will perhaps lead to a major correction similar to the only witnessed last week. Dogecoin traders and investors are thus reminded of the risks associated with such price movements which are harking back to the pumps and dumps of the 2017/18 bull cycle.

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