- Dogecoin price eyes 45% gains as investors continue accumulating the meme coin across cryptocurrency exchanges.
- Robinhood, a commission-free stock and crypto trading firm, holds a third of the Dogecoin supply.
- Analysts are bullish on the meme coin, considering $0.18 the make or break point for the Dogecoin price rally.
Dogecoin price could take a bullish turn, driving the meme coin's price higher as investors accumulate DOGE on exchanges. The commission-free cryptocurrency exchange Robinhood has accumulated Dogecoin on behalf of investors.
Dogecoin price could climb higher, according to analysts
Dogecoin price could break into an uptrend soon as investors across exchanges scoop up DOGE. Accumulating the meme coin has pulled it off the circulating supply across cryptocurrency exchanges. Commission-free exchange Robinhood's wallets hold a third of the Dogecoin supply, held for investors on the exchange.
The commission-free exchange holds the meme coin in eight wallet addresses on behalf of traders on its platform.
Historically, when investors hold Dogecoin in their wallets, the meme coin is pulled out of supply, reducing the circulating supply. A reduction in supply could fuel a rally in Dogecoin.
Robinhood is holding $5,103,183,345 worth of the meme coin. This accounts for 42.3 billion DOGE tokens, stores across eight known addresses.
The wallet balance makes up 31.90% of the Dogecoin supply.
Analysts have evaluated the Dogecoin rice trend and predicted a rally in the meme coin.
FXStreet analysts believe that Dogecoin price could post 45% gains, the trend turns bullish. Analysts believe that $0.18 is the make-or-break zone for the Dogecoin price.
In October 2021, the mass capitulation zone started below $0.18; this makes it a critical psychological level for Dogecoin price.
The meme coin's price dropped lower every day after dropping below $0.18. Therefore analysts argue that above $0.18, the Dogecoin price could reveal bullish momentum and climb higher, posting 35% gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.