The cryptoverse is back below the $2 trillion psychological mark, with 2.98% negative gains round the clock. The market leaders Bitcoin and Ethereum appear to be in no mood to get back to their price action as they had negative gains of over 2% in 24 hours. In the interim, distressing Dogecoin news is coming out, where DOGE price may potentially fall into prey for a Rug–Pull.
Dogecoin predictions which were pointing out to moon-shot after the May 2021 supercycle, are now confronting a plausible threat of Rug-Pull. The meme coin has not shown any strong signs of recovery after the May 19th market crash. With its number of holders decreasing day by day, there are dangers of altcoin’s price reaching almost zero!
DOGE Holders Are Decreasing!
The DOGE price sliced through a 50 days MA with a consecutive generation of lower highs over the past week. Currently, it is been hovering at 8-months low levels with a 5.43% loss in 24-hours. Meanwhile, the number of holders has been decreasing eventually with a price drop.
It is observed from the IntotheBlock analytics that just 52% of investors have held DOGE for 1 to 12 months and holders with a 1-year time frame have drastically reduced to 41%. In addition, holders who have been selling off their DOGE within a month have exponentially surged to 7%.
DOGE Rug-Pull To Pull Down the Price Below $0.01!
One of the Dogecoin wallets holding $5 billion worth of DOGE out of its $20 billion market cap has become the central point of discussion on social media. In general, any crypto wallet that holds more than 23.17% of the total supply of that particular coin will have a greater chance to rug-pull a coin’s valuation to zero.
According to the crypto maximalists, if the top 10 largest accounts carry over 20% of the token’s supply, then that could be a risky sign of a plausible Rug–Pull. Especially for DOGE, the top 14 wallets hold a total of 46.11% of Dogecoin supply. So, even half of its liquidation is more than enough to cause the price crash.
Collectively, the king of meme space appears to have lost its charm in recent times by remaining vulnerable to market sentiments. As the altcoin is facing multiple rejections at the crucial resistance levels, more and more holders are giving up on the coin. If it fails to gain the traction of a new user base, then these top wallets would rug-pull Doge.