Dogecoin is on the rise again, and small investors are taking notice. The number of wallets holding less than 100,000 DOGE has skyrocketed in recent weeks. This is a good sign for Dogecoin, as it shows that more people are buying into the meme coin.
Small Investors Are Buying
Data from Santiment, a market intelligence platform, shows that there have been over 74,000 new wallets holding less than 100,000 DOGE in the past four weeks. This suggests that retail investors are confident in Dogecoin’s future price performance.
Large Investors Are Pulling Back
While small investors are piling in, large investors (sharks and whales) are actually pulling back. This could affect Dogecoin’s price stability in the short term, as large investors often play a key role in supporting price growth.
Will The Rally Continue?
Despite the recent price gains, Dogecoin is facing strong resistance at the $0.4355 level. This has led to a dip in price, causing some concern among investors. However, many analysts believe that this dip is a healthy correction and that Dogecoin will continue to grow in the long term.
The Bottom Line
Dogecoin is experiencing a surge in popularity among small investors. While this is a positive sign, it’s important to remember that the price of Dogecoin is still volatile. It remains to be seen whether this rally will last, or if it will be short-lived.
