Dogecoin Bullish Potential: Here’s 3 Reasons for DOGE Prices to Rise!

Bittime - DOGE price shows strong bullish potential even though the crypto market is experiencing a correction. 

There are several things that cause the potential for Dogecoin to be bullish in the midst of a correction. Read this article to find out 3 reasons DOGE prices are rising!

Dogecoin Bullish: Whale Activity Increases

One signal that Dogecoin is bullish is whale activity which has increased significantly. In recent weeks, Dogecoin whales have accumulated around 170 million DOGE, indicating optimism about DOGE's long-term prospects.

Massive buying action by whales This often happens when DOGE prices are decreasing because they want to take advantage of the moment to buy DOGE at a lower price. 

Wallets holding between 1 million and 10 million DOGE continue to show a consistent accumulation pattern, which further strengthens market optimism regarding the potential for DOGE prices to rise in the near future.

Read Also: Dogecoin Whale Transfers Hundreds of Millions of DOGE to New Wallet  

Dogecoin Bullish: MVRV Ratio at Opportunity Zone

Another technical indicator that supports bullish Dogecoin sentiment is the Market Value to Realized Value (MVRV) ratio over a 30-day period. Dogecoin's MVRV ratio is currently at “Opportunity Zone”.

Historically, this zone shows undervalued conditions, that is, short-term investors tend to sell their assets, which creates entry opportunities for new investors, while reducing the risk of overvaluation. 

The current condition of Dogecoin's MVRV is considered favorable and is considered a positive signal that DOGE prices will rise in the near future.

Dogecoin Bullish: Decrease in DOGE Token Supply on the Exchange

One of the other important signals supporting Dogecoin bullishness is a decrease in the supply of DOGE tokens on exchanges, indicating less selling pressure.

This decrease in supply is often associated with an increase in long-term holding behavior by investors. When more DOGE is held in private wallets than on exchanges, this creates greater market stability. 

Along with increased accumulation activity, this decrease in DOGE token supply strengthens the chances of DOGE prices rising in the near future.

Read Also: How Much Did $DOGE First Appear?  

Dogecoin FAQ

What is Dogecoin?

Dogecoin is a meme coin created in 2013 by Billy Markus and Jackson Palmer. Originally created as a joke, Dogecoin has now become one of the most popular crypto assets with a large and active community.

What is the Difference Between Dogecoin and Bitcoin?

Dogecoin has an unlimited supply, while Bitcoin has a maximum supply of 21 million coins. In addition, Dogecoin transactions are faster and have lower fees than Bitcoin, making them more suitable for everyday payments.

What is the use of Dogecoin?

Dogecoin is often used for online tipping, charitable donations, and micropayments. Apart from that, the community is also active in supporting social projects.

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Reference

Coingape, Top 3 Reasons to be Bullish on Dogecoin (DOGE) Price, accessed January 13, 2025.

Author: IPR