Quick take:
- CZ has shared the pros and cons of Dogecoin (DOGE)
- He has pointed out that DOGE has a cool PR manager in Elon Musk
- However, it is somewhat centralized with 27% of all DOGE held by one address
- Furthermore, the top 20 addresses hold more than 20% of all Dogecoin (DOGE)
Earlier today, the CEO of Binance, CZ, shared a brief analysis of Dogecoin (DOGE) in which he tabulated the pros and cons of owning the meme-coin. According to CZ, Dogecoin has one advantage in the form of Elon Musk who is the project’s ‘cool and fun PR Manager’. However, CZ highlighted that the project has no ‘core team’ and thus it is ‘abandoned’.
CZ shared his analysis of Dogecoin via the following statement that also pointed out that 27% of all DOGE is held by one address.
Some pros/risks of #Doge.
Pros: Cool, fun, PR manager Elon Musk. Decentralized in the sense there are no “core team”. It’s abandoned.
Risks: 1 address holds 27% of all #DOGE. Top 20 addresses holds more than 50%+ of all #DOGE Kinda “centralized” in that sense. “abandoned”.
Top DogeCoin Whale Holds 34.8M DOGE – 27.14% of Circulating Supply
CZ went on to explain that his analysis of Dogecoin was based on publicly available information that can be obtained via Coinmarketcap and Blockchair.com. From the latter source, it can be confirmed that one address holds over 34.812 billion DOGE. This amount is 27.14% of the meme-coin’s circulating supply of 128.233 billion Dogecoin.
Below is a screenshot of the top 10 whales of Dogecoin courtesy of Blockchair.com.
Dogecoin Pumps Once Again to $0.060
At the time of writing, Dogecoin is trading at $0.052 after another impressive pump from yesterday’s levels of $0.032, to a local high of $0.060. This is an 87.5% increment to $0.060 and a 62.5% increment to $0.052.
From a technical analysis point of view, the 6-hour DOGE/USDT chart below hints of a possible continuation above $0.060 in the hours and days to follow.
From the chart, the following can be observed.
- Trade volume is very much in the green
- The 6-hour MACD is about to cross in a bullish manner above the baseline
- DOGE’s current price at $0.052 is above the 50, 100 and 200 6-hour moving averages
- If the $0.050 support zone holds, Dogecoin could attempt to retest the recent all-time high of $0.087
As with all analyses of Dogecoin, traders and investors are reminded that DOGE’s price moves are fast and furious especially when the meme-coin is trending on social media. Therefore, stop losses and low leverage are recommended when trading Dogecoin on the various derivatives platforms.