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On-Chain Data Shows Dogecoin At A Crucial Inflection Point
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

On-Chain Data Shows Dogecoin At A Crucial Inflection Point

Jake Simmons
Jake Simmons
2 months ago
2 mins read
Dogecoin price news

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Crypto analyst Ali Martinez (@ali_charts) published a new UTXO Realized Price Distribution (URPD) chart on X that offers a deep look at where large chunks of DOGE have last changed hands. This histogram shows distinct clusters of on-chain activity, pinpointing the most significant price levels that could define the meme coin’s next major move.

Martinez specifically singled out $0.177 as strong support and $0.207 as notable resistance, suggesting that Dogecoin is effectively sandwiched between these two crucial price barriers. While $0.177 and $0.207 stand out for immediate trading decisions, the chart also reveals other conspicuous price levels that warrant closer inspection.

What This Means For Dogecoin Traders

The chart reveals Dogecoin’s largest URPD cluster around $0.177, accounting for roughly 8.01% of DOGE’s total supply (about 11.89 billion tokens). This concentration indicates a high volume of coins last transacted in that range. Because of the large number of DOGE holders with cost bases around $0.177, analysts typically view this level as an important support zone—where buyers could step in to defend their positions.

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Another notable cluster appears at $0.2069, representing about 7.04% of the total supply (approximately 10.45 billion tokens). Martinez labels it as key resistance, reflecting a significant group of holders who acquired DOGE at or near this price. If the market approaches $0.207, some participants might look to break even or lock in small gains, potentially creating selling pressure.

Dogecoin UTXO Realized Price Distribution (URPD)
Dogecoin UTXO Realized Price Distribution (URPD) Source: X @ali_charts

One of the most striking observations is the large spike at $0.06653, where approximately 30 billion tokens were transacted. This by far highest bar dwarfs many of the smaller clusters on the chart, indicating that a massive volume of DOGE supply shifted at that price in the past.

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Even though the market is currently well above $0.06653, this level could be significant if prices were ever to correct sharply. It represents a substantial cost basis for a large portion of holders, potentially turning it into a powerful area of support if Dogecoin experiences a deeper downside move below $0.177.

On the upside, the histogram highlights two major concentrations above current prices. Around $0.2753, slightly below 5 billion tokens were transacted, and at $0.3622, slightly above 5 billion tokens exchanged hands. These tall bars may act as key resistance hurdles if Dogecoin can break above the shorter-term ceiling at $0.207.

Once DOGE sustains gains beyond $0.207, buyers might look for momentum to carry the token toward $0.2753, where fresh resistance could appear. If bullish sentiment remains robust, the region around $0.3622 might become the next important level to watch.

At press time, DOGE traded at $0.196.

Dogecoin price
DOGE tries to re-enter the channel, 1-day chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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