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Friday, September 29, 2023

Dogecoin (DOGE) Price on the Rise After FTX Liquidation Relief – More Gains Ahead?

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Dogecoin price has trended slightly upward to $0.062  this week after recent court filings allayed initial fears that FTX could liquidate DOGE holdings worth $42 million. On-chain data analysis explores how the confidence shown by long-term investors could yield more Dogecoin price gains in the coming days. 

Dogecoin price wobbled under pressure last week as early reports suggested that the troubled FTX Exchange was set to liquidate DOGE tokens worth $42 million to repay creditors as part of its ongoing bankruptcy proceedings.

However, in official court filings released on Wednesday, DOGE was conspicuously absent from the top 10 crypto assets list in FTX’s $3.4 billion estate. Since then, DOGE’s price has increased from $0.060 to $0.062. Can the bulls push for more gains

Dogecoin Long-Term Investors Are Holding Out For More Gains

Bearish headwinds in the crypto markets over the past month have seen several projects in the top 100 crypto rankings, like Litecoin (LTC), Sandbox (SAND), and Apecoin (APE), drop to yearly and all-time lows.

But during this torrid period, Dogecoin has managed to hold above the $0.060 territory. On-chain data shows that the positive disposition of DOGE long-term investors has been pivotal.

According to data from IntoTheBlock, Long-term Holder addresses have increased their balances by 1.2 billion DOGE between August 14 and September 15. While simultaneously, short-term traders sold off 1.56 billion coins.

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