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Dogecoin, XRP Flashing ‘Overlooked’ Bullish Signal, Santiment Reveals

Sergio Gruber by Sergio Gruber
December 11, 2024
in Crypto, News
Reading Time: 2 mins read
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The realm of cryptocurrency is constantly evolving, with trends and metrics that offer insights into the market’s future. One such intriguing development has been highlighted by Santiment, an on-chain analytics firm, which suggests that Dogecoin and XRP are exhibiting bullish signals through an often overlooked metric.

Understanding the Mean Dollar Invested Age Metric

In a recent analysis shared on X, Santiment delves into the Mean Dollar Invested Age indicator, shedding light on its recent trends among some of the leading cryptocurrencies. This metric provides a unique perspective by tracking the average age of every dollar invested by holders in a cryptocurrency. It’s akin to the Mean Coin Age metric, which measures the average age of tokens in circulation. By leveraging on-chain data, the Mean Coin Age calculates when each coin was last transacted and determines the average age based on the entire supply.

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The Mean Dollar Invested Age, however, takes it a step further by converting these coins into their USD value according to the price at their last movement. This approach offers a refined understanding of the investment landscape within the crypto market.

Recent Trends in the Mean Dollar Invested Age

Let’s consider a chart that illustrates the recent trajectory of the Mean Dollar Invested Age for five prominent digital assets: Bitcoin (BTC), XRP (XRP), Dogecoin (DOGE), Ethereum (ETH), and Chainlink (LINK).

The chart reveals a noticeable decline in this metric across all five cryptocurrencies, albeit with varying magnitudes. For Ethereum and Chainlink, the decline is relatively modest. However, Bitcoin, XRP, and Dogecoin have experienced a more pronounced drop in the Mean Dollar Invested Age indicator.

Implications of a Declining Mean Dollar Invested Age

When the Mean Dollar Invested Age metric trends downward, it signifies increased activity among older, stagnant wallets, particularly those held by significant stakeholders. This activity suggests that these dormant coins are re-entering circulation, which boosts network activity. While this could imply that older holders are selling their coins, it might also indicate an influx of new capital purchasing these dormant assets, thereby reducing the average age of holdings.

Historically, this pattern has been associated with bullish market trends. As noted by Santiment, this indicator has validated the continuation of bull markets in the past. Both the 2017 and 2021 bull markets persisted until the Mean Dollar Invested Age began to increase again, signifying a shift towards older investments.

Dogecoin’s Remarkable Decline in Mean Dollar Invested Age

Among the cryptocurrencies experiencing a substantial decline in this metric, Dogecoin stands out for its rapid and significant decrease. Over the past eight weeks, the average dollar invested in Dogecoin has become 31% younger, highlighting a dynamic shift in its investment landscape.

Current DOGE Price Analysis

As of the latest data, Dogecoin is trading at approximately $0.403, reflecting a slight decrease of nearly 2% over the past week. This fluctuation in price, coupled with the observed metrics, paints a compelling picture of Dogecoin’s current market position.

In conclusion, the Mean Dollar Invested Age serves as a valuable tool for understanding the investment dynamics within the cryptocurrency market. As Dogecoin and XRP exhibit bullish signals through this metric, investors and enthusiasts alike should keep a close eye on these developments, which could offer valuable insights into the future direction of these digital assets.

Tags: dogeDogecoinDogecoin BullishdogeusdtSantimentxrpXRP Bullish
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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