DOGE’s latest milestone could mean nothing unless these holders stay put

• Data from IntoTheBlock stated that daily DOGE transactions surged by 8220% in May.
• At press time, DOGE was exchanging hands at a loss with its RSI moving towards the oversold region. 

The last few days could be considered quite eventful for Musk’s preferred memecoin, Dogecoin [DOGE]. This was because DOGE’s transaction count surpassed that of Bitcoin [BTC] and Ethereum [ETH] on 29 May. However, that wasn’t all.

On a related front, DOGE’s daily transactions saw an 8220% increase over the month of May. Furthermore, as per data from IntoTheBlock the number went from 25k to 2.08 million on 27 May.

How much are 1,10,100 DOGEs worth today?

A gloomy day for DOGE

Data from the intelligence platform Santiment showed that as of 30 May DOGE addresses holding 10,000 to 100,000 DOGE saw a drop in their holdings. Furthermore, addresses holding 10 to 100 DOGE were also seen dumping their holdings. Additionally, addresses holding 100-1000 coins also witnessed a slight decline in their holdings.

Contrary to the movement of the aforementioned addresses, the only addresses that showed significant accumulation were the addresses holding 1,000 to 10,000 DOGE. This indicated that addresses holding smaller amounts of DOGE had been selling their holdings as of 31 May.

Furthermore, the addresses that didn’t show significant activity were addresses holding 1 to 10 DOGE.

Source: Santiment

Furthermore, as of 31 May, DOGE’s weighted sentiment also witnessed a drop and stood at -0.299. This meant that investors didn’t exactly have a positive outlook towards the memecoin despite its latest achievement. Furthermore, a look at the volume showed a slight rise.

However, DOGE’s volume at 203.15 million didn’t stand anywhere near its April highs, which meant that investor activity around the memecoin on the chain wasn’t at its best.

Source: Santiment

Have the bears caught up to DOGE?

At the time of writing, DOGE was trading in the red and exchanged hands at $0.0714. Furthermore, upon considering its Relative Strength Index (RSI) it could be seen that DOGE was losing its buying momentum and was moving towards the oversold region. DOGE’s RSI stood at 40.77 at the time of writing.

Although the Moving Average Convergence Divergence (MACD) didn’t show a bearish crossover yet, it could change course if the selling pressure increases. At press time, the MACD line (blue) moved above the signal line (red). However, the signal line’s slight upward movement indicated the possibility of an upcoming bearish crossover.

Read Dogecoin’s [DOGE] Price Prediction 2023-2024

Furthermore, the Money Flow Index (MFI) was also seen moving toward the overbought region and stood at 43.89 at the time of writing.

Source: TradingView

Additionally, despite a positive seven-day performance on the price front, DOGE’s 24-hour performance didn’t flash green. At the time of writing, data from CoinMarketCap showed that DOGE’s dropped by 1.18% over the last 24 hours.