Dogecoin (DOGE) has had a mixed performance in its latest cycle. A week ago, it experienced modest gains driven by the excitement around the spot Ethereum ETF, with an 8% increase in just one day. However, as of now, the charts show a downward trend. What does the latest data reveal about the world’s biggest meme cryptocurrency?

DOGE Holders

According to IntoTheBlock, most DOGE holders (83%) are still making a profit at the current price. So, even with recent losses, long-term investors remain in a strong position. Interestingly, whales hold 63% of Dogecoin’s supply. The strong correlation with Bitcoin (0.86) suggests that Dogecoin’s price is heavily influenced by broader market trends, especially Bitcoin movements.

Last week saw nearly equal inflows ($221.14 million) and outflows ($221.68 million) on exchanges, indicating balanced buying and selling among investors. This balance has kept Dogecoin's position stable, with neither bulls nor bears dominating the charts.

DOGE Futures

Dogecoin’s sudden price spikes often cause short sellers to exit their positions at a loss, pointing to speculative trading and sudden price changes rather than consistent movement. The trend shows a mix of long and short liquidations, highlighting a market marked by quick rallies and corrections.

Dogecoin's price performance, characterized by short-term ups and downs, is typical of a meme token. Over the past month, DOGE has shown volatility but has mostly stayed within a narrow price range of about $0.135 to $0.175.

Conclusion

In summary, Dogecoin has shown mixed results recently, with balanced trading activity and a market driven by speculative moves. While long-term holders remain profitable, the cryptocurrency continues to experience short-term volatility and influence from broader market trends.