Dogecoin was initially released in late 2013 and is one of the oldest cryptocurrencies. It was initially released as a meme coin, inspired by the popular “doge” meme. The token remained fairly stagnant until 2021 when it gained steam and reached new all-time highs. The spike in price was primarily attributed to celebrity endorsement, most notably Elon Musk.
Many are wondering where the future will take the price of Dogecoin. Trading signals and technical analyses can help traders make educated guesses. These techniques involve looking at a variety of trading signals, ranging from volume to more obscure measures, such as social media presence. This practice can allow investors to see past the superficial and take a deeper dive into what is really influencing the price of the token. While this method is nowhere near perfect, it can be a useful tool for those looking to invest in crypto.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
Dogecoin On-Chain Trading Signals Analysis
Holders Making Money at Current Prices
This metric is a measure of investors who are currently in profit for their investment. It measures the number of holders who bought the token below the current price. As of right now, about half of DOGE holders have profited from their investment, while the other half have broken even or lost money.
These numbers show potential room for improvement for DOGE. The scale could tip in either direction.
Concentration by Large Holders
Another useful Dogecoin trading signal to look at is the amount of DOGE that is in the hands of large holders. Although definitions vary, large holders — whales — are investors who own more than 1% of the total supply. Other large investors own between 0.1% and 1% of the total supply. These types of holders currently make up around 66% of the circulating DOGE supply.
Large holders can often have a much greater influence on the price than retail investors. Since DOGE is majority-owned by these large owners, any big moves by these owners could…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
