The journey of Dogecoin [DOGE] continues to be a wild ride as the meme-inspired digital asset faces turbulent times in mid-May 2024. Recently, it experienced a downturn, slipping below the $0.150 mark, leaving investors pondering: what’s the upper limit for DOGE’s surge?
After dropping below the critical support level of $0.145, Dogecoin entered a short-term bearish phase, echoing the sentiments seen in other leading assets like Bitcoin [BTC] and its counterpart Shiba Inu [SHIB]. However, at press time, DOGE recorded a 7% rise and was trading at a high of $0.1527.
Despite these price fluctuations, DOGE’s on-chain metrics present a different narrative. Data from IntoTheBlock notably highlights how large holders of DOGE have adjusted their positions, with the net flow of the asset skyrocketing from negative figures to an impressive 386 million DOGE.
Furthermore, there was an increase in inflows to the wallets of large holders as well. It almost doubled within a single day reaching 426 million DOGE. Meanwhile, outflows from these wallets have seen a substantial decrease, plummeting from 222.14 million DOGE to 39.98 million DOGE. These movements indicate a significant reshuffling of Dogecoin holdings among large investors, suggesting a potential shift in sentiment towards the asset.
Also Read: Dogecoin Eyes Golden Cross: Can DOGE Hit $0.2 In May?
Price Prediction
According to Changelly, investors can expect Dogecoin to trade at an average price of $0.134 for May. Furthermore, projections suggest a range between $0.124 and $0.145. However, inching towards mid-May, Changelly predicts a trading price of $0.142 for DOGE. This indicates a 1% drop in its current value.
Also Read: VanEck Launched Index To Monitor Meme Coins Like Shiba Inu, Dogecoin
Dogecoin’s journey in mid-May 2024 mirrors the broader dynamics of the cryptocurrency market. Despite short-term fluctuations and bearish trends, underlying indicators hint at resilience and potential for recovery. While investors observe the evolving ecosystem, the question of Dogecoin’s next level remains unanswered.