Dogecoin’s MDIA Influenced its Price With an 11% Increase
Over the last month, the Mean Dollar Invested Age (MDIA) for Dogecoin (DOGE) has been increasing, according to data from blockchain analysis firm, Santiment.
The MDIA is the average age of all tokens on the blockchain weighed by the purchase price, meaning as the MDIA increases, the longer the price of the token stays stagnant. If the MDIA drops, it means that the wallet addresses of the token are becoming more active.
According to CoinMarketCap, the price of DOGE on July 18 was trading at $0.064. Since DOGE’s MDIA fell, the price of the meme coin registered a 11% increase. As of today, DOGE is down about 1.70% to trade at $0.06881.On the one-day chart, the meme coin’s Relative Strength Index (RSI) has been increasing since July 18. Which indicates that there is an increase in buy pressure for DOGE over the last 4 days.
DOGE also saw some significant on-chain activity between July 18 to 20. The number of unique addresses between this period of time increased by about 15%. On the other hand, over the last two days, this number has dropped by 48%. As of today, the number of active DOGE addresses stands at 49,118.
Within the same period of time, the aggregate amount of DOGE in all transactions rose by more than 600%.
Between July 18 to 20, the whales also started stocking up on DOGE as the amount of whale transactions over $100 thousand increased by 30%. Transactions over $1 million rose to 98, during this period. This number dropped by 94% to stand at 5 transactions at the time of writing.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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