Crypto: Dogecoin (DOGE) Price Rise, A Relationship With Its MDIA?

Between July 18 and July 22, the Average age of the dollar invested (MDIA) of Dogecoin decreased by 58 days. Consequence: on 23 July the price of the DOGE increased by 11%. If you want to understand the correlation between the two facts, take a little reading break. To go!

MDIA, quasaco?

MDIA is short for ” Average age of the dollar invested “, Which can be translated into French“ Age Moyen en Dollars Investis ”. Applied to cryptocurrencies, it indicates the average age of all coins or tokens on the blockchain, weighted by the purchase price.

MDIA is a metric developed by the Santiment team that approximates the average investment in BTC or DOGE at any given time. To delete it, it is necessary to observe the holding period of the cryptographic asset in an address. And it is from there that the calculation of the average of all these ages becomes possible.

Please note that “coin / token age” and “dollar age” are not to be confused.

Take the case of Alice and Bob’s bitcoin hodlers, which allowed Santiment to better explain the concept of MDIA. Here it is :

Alice gave herself 1 BTC out of 1uh January 2017, while Bob bought 0.5 BTC on 1uh January 2018. If I’m still HODLing, Alice will have this day [le 20 septembre 2019] 1 BTC whose age is 992 days. While Bob will have 0.5 BTC whose age is 627 days. The average age of the corners is therefore [de 870,33 jours].

Source: Santiment Insights

As for the average age of the dollars, it refers to the average age invested to purchase the coins. If on the day of Alice’s acquisition of the BTC coin, the 1uh As of January 2017 it was worth $ 958.70, a year later it was trading at $ 13,391.80. So the average age of the dollar invested by Alice and Bob is 672.71 days.

Source: Santiment Insights

Case of Dogecoin

The time has come for us to revisit Dogecoin’s recent history whose MDIA was 264 days on July 18th. Observers saw a drop in average DOGE investment to 206 days on July 22.

Note that in the case of DOGE and other cryptocurrencies, the continuation of an upward trend logically leads to a long stagnation of prices. The opposite case, i.e. the fall of the MDIA by an angle, refers to a movement of goods perpetrated by the hodler. Logically, this must lead to an increase in the price of DOGE.

Hence, there is a reason behind Elon Musk’s beloved memecoin price hike last week. While it was trading at $ 0.064 on July 18th, its price saw an upward revision to $ 0.07113 on July 23rd.

Source: Trading view

On 21 July, observers also saw that DOGE’s trading volume doubled. At times, it went from $ 564.79 million to $ 1.01 billion.

In addition, it is worth noting the appearance of a new dynamism in the chain in the same period. This was notably manifested by a 15% increase in the index of the number of unique addresses that transacted in DOGE. It just didn’t last: a 48% drop was recorded on 23 July. Bringing the number of active addresses on the Dogecoin network to 49,118.

In addition, it is worth mentioning the increase of more than 600% of the total amount of DOGE in all transactions made between 18 and 21 July. At the end of this drop in MDIA, this metric decreased by 98%.

In such situations, the whales do not remain inactive. This is why an increase in their transactions has been highlighted in these 3 days. To give you an overview of their businesses, keep in mind that the number of transactions over $ 100,000 at 30% raw.

Source: Santimento

But regardless of its MDIA, Dogecoin hasn’t lost its 10s yetAnd position in the Coincecko cryptocurrency list. For the moment, ALSO Polkadot remains in her place, and Solana jealously guards her position right in front. If not, Shiba Inu still has to make an effort to afford the classification of his memecoin rival, Dogecoin. Because as of this writing, it’s still on 13And position, Dai is in 12And position (surprisingly) and Polygon at 14And square.

Sources: Santiment Insights; Coquore; AMB Cryptocurrencies

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The blockchain and crypto revolution is underway! And the day the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that it has something to do with it.

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