Dogecoin price eyes 45% gains as investors continue accumulating the meme coin across cryptocurrency exchanges.
Robinhood, a commission-free stock and crypto trading firm, holds a third of the Dogecoin supply.
Analysts are bullish on the meme coin, considering $0.18 the make or break point for the Dogecoin price rally.
Dogecoin price could take a bullish turn, driving the meme coin’s price higher as investors accumulate DOGE on exchanges. The commission-free cryptocurrency exchange Robinhood has accumulated Dogecoin on behalf of investors.
Dogecoin Price Could Climb Higher, According to Analysts
Dogecoin price could break into an uptrend soon as investors across exchanges scoop up DOGE. Accumulating the meme coin has pulled it off the circulating supply across cryptocurrency exchanges. Commission-free exchange Robinhood’s wallets hold a third of the Dogecoin supply, held for investors on the exchange.
The commission-free exchange holds the meme coin in eight wallet addresses on behalf of traders on its platform.
Historically, when investors hold Dogecoin in their wallets, the meme coin is pulled out of supply, reducing the circulating supply. A reduction in supply could fuel a rally in Dogecoin.
Robinhood is holding $5,103,183,345 worth of the meme coin. This accounts for 42.3 billion DOGE tokens, stores across eight known addresses.
The wallet balance makes up 31.90% of the Dogecoin supply.
Analysts have evaluated the Dogecoin rice trend and predicted a rally in the meme coin.
FXStreet analysts believe that Dogecoin price could post 45% gains, the trend turns bullish. Analysts believe that $0.18 is the make-or-break zone for the Dogecoin price.
In October 2021, the mass capitulation zone started below $0.18; this makes it a critical psychological level for Dogecoin price.
The meme coin’s price dropped lower every day after dropping below $0.18. Therefore analysts argue that above $0.18, the Dogecoin price could reveal bullish momentum and climb higher, posting 35% gains.