Journalist
Posted:
- DOGE has failed to rally amid the recent surge in BONK’s price.
- Despite the decline, many Dogecoin holders remain in profit.
Leading meme coin Dogecoin [DOGE] has seen a decline in its value, while the value of Solana-based dog-themed coin BONK has risen by over 100% in the past few days.
At press time, DOGE exchanged hands at $0.09395, logging a 3% price decline in the last 24 hours. The coin’s price has dropped by almost 10% in the last week.
On the other hand, BONK’s price has risen by over 70% in the last seven days. In fact, among the top five leading meme coins, it is the only asset that has witnessed a price rally in the last week, according to data from CoinMarketCap.
Source: CoinMarketCap
BONK’s recent rally has been propelled by its listing on crypto exchanges such as KuCoin, Coinbase, and Binance.
DOGE has failed to bark 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 12th December. This was when its MACD intersected its trend line in a downtrend.
When an asset’s MACD line crosses below its trend line, many traders view it as a signal to consider selling or taking a more cautious approach.
This is because the movement signals a potential shift in momentum, which often results in a downward movement in the asset’s price.
Since the MACD crossover occurred, DOGE’s value has plummeted by 3%.
Also, its Chaikin Money Flow (CMF) has since trended downward. Although it remained above the zero line at press time, a steady decline in an asset’s CMF signals the gradual exit of liquidity from the market.
When market liquidity craters, an asset’s value decline often follows.
Source: DOGE/USDT on TradingView
Most DOGE holders remain in profit
Interestingly, despite the recent decline in DOGE’s value and the low demand for the meme coin, many of its holders continue to hold at a profit, as readings from its Market Value to Realized Value (MVRV) ratio show.
Is your portfolio green? Check the DOGE Profit Calculator
At press time, DOGE’s MVRV ratio was 8.29%. This meant that if all investors sold their holdings at the coin’s current market value of $0.0939, they would be guaranteed at least an 8% profit.
Data from Santiment showed that 78% of the coin’s total supply remains in profit.
Source: Santiment