Crypto: Dogecoin (DOGE) price rise, relationship with MDIA?

Between July 18 and July 22, the Average Age of Investing Dollars (MDIA) of Dogecoin decreased 58 days. Consequence: DOGE price increased by 11% on July 23rd. If you want to understand the correlation between the two facts, give yourself a little reading break. Go!

Dogecoin price rise and relationship with its MDIA

MDIA, which one?

MDIA is the abbreviation for ” Average Age of Investing Dollars “, which can be translated into French “Age Moyen en Dollars Investis”. Applied to cryptocurrencies, it represents the median 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 a given time. To clear it, it is necessary to respect the holding period of the cryptographic asset in an address. And from there it will be possible to calculate the average of all these ages.

Please note that “coin/token age” should not be confused with “dollar age”.

Let’s take the case of bitcoin hodlers Alice and Bob, which allowed Santiment to better explain the concept of MDIA. This is :

Alice gave herself 1 BTC on the 1ster January 2017, and Bob bought 0.5 BTC on the 1er January 2018. If they are still HODLing, Alice will have this day [le 20 septembre 2019] 1 BTC whose age is 992 days. While Bob whose age is 627 days will have 0.5 BTC. The average age of the corners is therefore [de 870,33 jours]. »

Source: Sentiment Insights

As for the average age of a dollar, it refers to the average age invested in buying the coins. If on the day Alice received the BTC coin, the 1er 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: Sentiment Insights

Dogecoin case

It’s time to revisit the recent history of Dogecoin whose MDIA was 264 days on July 18th. The average investment in DOGE by observers fell to 206 days on July 22.

Note that for DOGE and other cryptocurrencies, the continuation of an upward trend has resulted in prolonged price stagnation. The other case, ie the collapse of the corner MDIA, refers to the displacement of assets that the accommodation. Logically, this must lead to an increase in the price of DOGE.

So, there is a reason behind the price increase of Elon Musk’s beloved memecoin last week. If last July 18 it traded at $0.064, on July 23 its price was revised upward to reach $0.07113.

Source: Trade View

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

In addition, it is worth noting the appearance of new dynamics in the chain during the same period. This was shown in particular by a 15% increase in the index of the number of unique addresses made by DOGE transactions. Except it didn’t last: on July 23, a 48% drop was observed. Making the number of active addresses on the Dogecoin network at 49,118.

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

In such situations, whales do not sit idle. That’s why emphasis was placed on increasing their transactions during these 3 days. To give you an idea of ​​their business, note that the number of transactions over $100,000 is 30% raw.

Source: Santiment

But regardless of MDIA, the Dogecoin has not lost its 10 yete standing on the list of Coingecko currencies. At the moment, Polkadot is still in place, and Solana is defending her position right at the front. Otherwise, Shiba Inu still needs to make efforts to classify resource memecoin rival, Dogecoin. Because at the time of writing, it is still on the 13the position, Dai is in 12e standing (surprise) and Polygon at 14e square.

Sources: Sentiment Insights; Coinquora; AMB Crypto

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