There are good tidings for Dogecoin investors since historical data hints to a big price change. Experts are drawing similarity between Bitcoin which showed a pattern akin to DOGE on four occasions. DOGE values have remained mostly unchanged in the past one month though there have been some small changes at regular intervals.
Steep Fall In DOGE Mean Dollar Invested Age
Santiment Insights revealed that there was a steep fall in DOGE Mean Dollar Invested Age. In intervening period in between July 18 to 21 average investments in DOGE went up from 264 days to just 207. This is a sign of a steep price change in the coming times. As per CoinMarketCap, DOGE price stands at $0.06809, up 1.50 % in the last 24 hours. The canine based token prices have surged by 3% in one week. It is possible that in the coming weeks there could be a further fall in mean dollar invested age. It will make DOGE a much favored token in the crypto trading sector.
Significance Of Mean Dollar Invested Age
The mean dollar invested age is the ratio between average ages of all coins weighted by the purchase price. It is a benchmark of the average age of the dollars that are invested in any token. If the token’s asset’s mean dollar invested age starts to fall, in this case DOGE it means there is a chance of a price rise in the near future.
Dogecoin which started as a meme coin has seen fluctuations in its values in the past. It is a favorite crypto coin of Tesla CEO Elon Musk and the values of DOGE has often surged and tanked after Tweets from the maverick billionaire.