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#打榜优质内容  Critical development in Dogecoin (DOGE): It could start a rally!
Could the increasing number of Dogecoin (DOGE) investors trigger a new bull run?
There has been a remarkable increase in the number of new investors in Dogecoin (DOGE) in recent days. This development raises the possibility that the popular memecoin could experience a price rally similar to the rise it experienced between September 23 and December 12. During that period, the price of DOGE rose from $ 0.10 to $ 0.47.
DOGE investors are increasing day by day
Between November 22 and December, the total number of Dogecoin investors dropped from 7.14 million to 6.80 million. This decrease coincided with the period when the DOGE rally slowed down and the price fell from $0.47 to $0.39. The decrease in the price and number of investors suggests that investors realized their gains during this period. However, according to Santiment’s on-chain data, this situation is starting to change.
The data platform reports that the number of DOGE investors has reached 6.68 million. According to this data, 60,000 new investors have added Dogecoin to their wallets in the last 10 days. This increase in the number of new investors is generally considered a positive sign and shows that the cryptocurrency is gaining popularity among retail investors.
This increase also comes at a time when crypto whales continue to influence Dogecoin. If this trend continues, the price could rise above $0.42.
MVRV ratio supports the rise
Dogecoin’s bullish trend is supported by the Market Value/Realized Value (MVRV) ratio. The MVRV ratio measures the ratio between an asset’s current price and its average purchase price, and analyzes whether an asset is overvalued or undervalued. A high MVRV ratio can indicate that the asset is overvalued. A low MVRV ratio, on the other hand, indicates that the asset is undervalued and presents a buying opportunity.
Dogecoin’s 30-day MVRV ratio has risen from the negative territory to 0.69%. The previous time such a reversal occurred, the price went from $0.10 to $0.47. If history repeats itself, Dogecoin could experience another parabolic rally.