Despite the current bearish trend in the cryptocurrency market, Dogecoin (DOGE) has demonstrated considerable resilience. Its remarkable price performance has attracted a variety of investors, including those with smaller budgets and larger investors known as ‘whales.’ This update was recently shared by Santiment, a leading on-chain data analytics platform.
According to the latest information from Santiment, Dogecoin’s price has increased by more than 25% in the past two weeks. This exceptional growth in the value of DOGE has led to profit for numerous average Dogecoin investors.
As per the behavioral analysis platform, Dogecoin traders who have been active over the past year have seen a return on investment (ROI) of over 2.4%. It is further suggested that these investors may see even greater profits if DOGE enters what is known as a “dangerous FOMO zone,” a situation that the asset has not yet encountered.
Related Reading: Will Dogecoinās Reaching 5 Million Wallets Lead to a Rally?
“FOMO,” or “Fear of Missing Out,” describes a psychological state where traders begin to massively accumulate a particular asset for fear of missing out on potential profits. When this happens with Dogecoin, it can cause a significant surge in its value, giving it another boost upward.
Interestingly, there has been significant accumulation activity observed among Dogecoin’s whales. Specifically, whales who hold between 1 billion and 10 billion DOGE have reportedly acquired an additional 3 billion tokens over the past three weeks.
The Popularity of Dogecoin Surges
Dogecoin has emerged as the top-performing cryptocurrency among the top 10 coins by market capitalization over the past week. This impressive performance has resulted in a significant increase in Dogecoin’s social dominance.
The rise in Dogecoin’s social dominance is evident from its ranking among the top 3 trending crypto assets on CoinMarketCap. At the time of reporting, Sam Altman’s recently-launched Worldcoin (WLD) and XRP are ranked as the top 2 trending assets on the platform. Dogecoin’s growing popularity and positive sentiment among the crypto community have contributed to its notable social dominance.
DOGE Battles XRP by Making Double Digit Profit
According to data from a leading crypto-tracking platform, Dogecoin (DOGE) has seen a significant increase of 15% in the past seven days. In the last 30 days, DOGE and XRP are the only assets among the top cryptocurrencies to achieve double-digit gains.
Despite its impressive 21% surge over the past month, DOGE has been unable to reclaim and sustain a price above the $0.1 mark. As of now, DOGE is trading at $0.08001.
Top crypto analyst Ali Martinez highlighted a pattern formed by Dogecoin on the weekly chart. Notably, the last time DOGE formed this particular pattern, it experienced an extraordinary rise of over 23,000% in the following months.
