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Dogecoin recorded a massive spike lately, leading to increased investor interest and settling active DOGE traders in the past year in gains.
Amid the prevailing bearish tendencies in the crypto market, Dogecoin (DOGE) has been holding up quite firmly. This impressive price performance has drawn numerous low-budget crypto investors and whales to the leading memecoin. Top on-chain data analytics platform Santiment recently shared the update.
The latest data from Santiment showed that Dogecoin’s price is up over 25% in the past two weeks. This outstanding DOGE price performance has put several average Dogecoin investors in profits.
🐕 #Dogecoin's price has now climbed +25% in the past 2 weeks, and the #memecoin has been increasingly grabbing the attention of traders. A big milestone has also taken place on this run, with the average $DOGE trader active in the past year now up money. https://t.co/HhziNUjjSN pic.twitter.com/gRdhp80R1y
— Santiment (@santimentfeed) July 25, 2023
According to the behavior analysis platform, DOGE traders active in the past year have recorded over 2.4% ROI. It further suggested that this set of investors could boast higher gains when DOGE enters a dangerous FOMO zone, as the asset has not yet entered the territory.
For the uninitiated, FOMO is the acronym for ‘Fear of Missing Out.’ A dangerous FOMO on Dogecoin denotes a market period where tons of traders begin to accumulate the asset massively. Consequently, this would result in another leg up for DOGE.
Nevertheless, an encouraging accumulation has been observed from deep-pocket Dogecoin investors. Notably, whales holding 1 billion to 10 billion DOGE accumulated 3B tokens over the past three weeks.
Dogecoin Social Dominance Spikes
Being the one-week top performer among the top 10 cryptocurrencies by market cap at press time, Dogecoin’s social dominance has increased substantially.
Dogecoin’s rising social dominance is evidenced in the ranking of Dogecoin among the top 3 trending crypto assets on Coinmarketcap. Meanwhile, Sam Altman’s recently-launched Worldcoin (WLD) and XRP are CMC’s top 2 trending assets.
DOGE Price Performance
The leading crypto-tracking platform data showed that DOGE has increased by 15% in the last seven days. Besides XRP, Dogecoin is the only asset to post a double-digit gain in the past 30 days.
Despite its stunning 21% surge over the last 30 days, DOGE has failed to reclaim and hold above the $0.1 price territory. DOGE is trading for $0.08007 at press time.
Meanwhile, top crypto analyst Ali Martinez called attention to a pattern formed by Dogecoin on the weekly chart, as reported by The Crypto Basic. The last time the asset formed this pattern, it rose by over 23,000% in the coming months.