Journalist
Posted:
- DOGE has failed to recover amid BONK’s recent stock price rise.
- Despite the decline, many Dogecoin holders continue to make profits.
Leading meme coin Dogecoin [DOGE] has seen a drop in value, while the Solana-based dog-themed coin BONK has risen by more than 100% in recent days.
At the time of writing, DOGE was exchanging hands at $0.09395, representing a 3% price drop in the last 24 hours. The price of the coin has fallen by almost 10% in the past week.
On the other hand, BONK’s price has risen by over 70% in the past seven days. According to data from CoinMarketCap.
Source: CoinMarketCap
BONK’s recent rally was propelled by its mention on crypto exchanges such as KuCoin, Coinbase and Binance.
DOGE hasn’t barked in the past few days
AMBCrypto assessed the coin’s price movements on a daily chart and found that it initiated a new bear cycle on December 12. This was when the MACD crossed the trendline into a downtrend.
When an asset’s MACD line crosses below its trendline, many traders take this as a signal to do so consider selling or taking a more cautious approach.
This is because the move signals a potential shift in momentum, often resulting in a downward move in the asset’s price.
Since the MACD crossover occurred, DOGE’s value has fallen by 3%.
Moreover, the Chaikin Money Flow (CMF) has been on a downward trend since then. Although it remained above the zero line at the time of writing, a steady decline in an asset’s CMF indicates the gradual disappearance of liquidity from the market.
When market liquidity collapses, a decline in the value of an asset often follows.
Source: DOGE/USDT on TradingView
Most DOGE holders continue to make profits
Interestingly, despite the recent decline in DOGE’s value and low demand for the meme coin, many of its holders continue to make profits, as evidenced by the market value to realized value (MVRV) ratio.
Is your portfolio green? Check out the DOGE profit calculator
At the time of writing, DOGE’s MVRV ratio was 8.29%. This meant that if all investors sold their holdings at the currency’s current market value of $0.0939, they would be guaranteed a profit of at least 8%.
Dates of Santiment showed that 78% of the coin’s total supply remains in profit.
Source: Santiment