Self-described as the “dogefather” Elon MuskTwitter’s logo on Monday dogecoin replaced with icon.
After this change DOGE Positive divergence from other cryptocurrencies has gained up to 33% and its price has risen above 0.10.
However, in DOGE, which has lost some of these gains, investors are wondering if there will be more rise.
Dogecoin whitepaper centimentpointed out that there are three metrics that signal that DOGE is differentiated from other cryptos.
Santiment stated that the first data is DOGE trading volume, which has reached the highest level since last November, the second data. dogecoin active addresses, and the third is whale transactions of $100,000 or more.
Pointing out that these three data have reached the highest levels of recent months, Santiment stated that when all three data rise together, a local peak almost always occurs.
Santiment added that it was a wise decision to take profits on these peaks.
🐶 #dogecoin has been the talk of the town since the (hopefully temporary) #Twitter logo change took the platform’s community by storm. Looking past the memes & laughs, our latest insight explores on-chain metrics to see whether further pumps are coming. 👇https://t.co/rLJqaHn585 pic.twitter.com/KbCIGOuCHD
— Santiment (@santimentfeed) April 5, 2023
Will Dogecoin Continue to Rise?
Analyzing whether the rise will continue, Santiment said, altcoinexamined the 30-day MVRV in the
Stating that altcoins enter the “danger zone” if the 30-day MVRV exceeds 20%, Santiment said that this rate is 11% for DOGE.
“Typically, altcoins are entering the “danger zone” when the 30-day MVRV for altcoins is 20% or more.
Considering that despite the huge price increase from Elon Musk, the MVRV in DOGE has not increased to 20% and is only 11%, this may be an extra buffer for DOGE price to increase further.
Therefore, a potential price increase can still be expected.”
Rising to $ 0.1050 after Elon Musk’s Twitter move dogecoin At the time of writing, it continues to trade at $ 0.8908.
We will be watching to see if there will be more bullishness in Dogecoin.
*Not investment advice.
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