Dogecoin is set to release 95.5 million coins between July 28 and August 4. Analysis suggests that the impact of this unlock on the market may be minimal.
Impact of Coin Unlock on DOGE Price
According to WuBlockchain's data, the unlocking of 95.5 million DOGE from July 28 to August 4 will increase supply by $22.9 million. However, the daily trading volume exceeds $700 million, potentially reducing selling pressure.
Historical Context of Unlocks
The Dogecoin community refers to previous unlocks that had minimal impact on the price. Each unlock caused short-term fluctuations, but the long-term trend remained stable.
Current Support and Resistance Levels
Currently, DOGE trades around $0.24, with support at $0.22 and resistance at $0.28. Technical analysis suggests a consolidation in the $0.25-$0.28 range.
The unlocking of 95.5 million DOGE might have a limited impact on the market due to high liquidity and historical context. Investors continue to monitor price dynamics closely.
