Dogecoin could possibly be heading towards an imminent sell-off that might tank its value as a big tranche of cash is about to maneuver into revenue. In such a case, it might not be out of the strange to see a lot of buyers dump their holdings as they transfer to safe some revenue.
10 Billion DOGE Headed For Revenue
In an attention-grabbing twist, the Dogecoin value crossing $0.17 could possibly be each good and unhealthy for the worth. It’s because a lot of DOGE cash had been purchased between the $0.15 and $0.168 ranges, which means {that a} cross above $0.17 would put all of those cash in revenue.
Based on data from IntoTheBlock, there are roughly 10 billion DOGE coins which can be sitting on this degree ready to maneuver up into revenue. At present costs, it implies that greater than $1.58 billion are ready for the $0.17 value level to be reclaimed.
Supply: IntoTheBlock
Whereas a transfer above $0.17 could be constructive for the meme coin, it would additionally put it liable to a sell-off from these holders. Provided that the Dogecoin price has been muted for almost all of 2023 earlier than seeing some upside in March 2024, investor fatigue is anticipated, prompting some holders to take revenue as quickly as they see it.
Nevertheless, there’s additionally the truth that a transfer above $0.17 is not going to be a big revenue margin for a lot of buyers. Therefore, they is perhaps extra inclined to attend for increased costs earlier than promoting relatively than barely breaking even on their investments.
What Occurs To Dogecoin In The Occasion Of A Promote-Off?
Presently, the Dogecoin value is sitting 7% under the $0.17 value degree, which nonetheless provides it some runway till it will get there. Nevertheless, if a lot of these DOGE investors do resolve to promote their cash, it may push the worth of Dogecoin again down towards the $0.15 assist.
Regardless of the specter of a sell-off, bullish sentiment continues to dominate the meme coin as a number of crypto analysts have predicted a serious upside for DOGE’s value. Analyst Altcoin Sherpa believes that the Dogecoin value will do very properly in 2024 and can outperform loads of altcoins.
One other analyst, Ali Martinez, revealed that the meme coin has now entered the purchase zone, making it a good selection for accumulation. Based on Martinez, the DOGE price can rise one other 700% from right here to cross the $1 threshold and make a brand new all-time excessive.
DOGE value trending at $0.158 | Supply: DOGEUSDT on Tradingview.com
Featured picture from Coinpedia, chart from Tradingview.com
