The number of Dogecoin wallets with over one million DOGE has surged, indicating growing institutional interest.
Dogecoin, the biggest memecoin globally, is once again catching the attention of institutional investors. Currently, DOGE is trading at $0.077, marking a 1.41% increase, and holds a market cap of $10.9 billion.
Surge in Dogecoin Transactions Fuels Institutional Interest
Dogecoin (DOGE) is making headlines with a substantial increase in transactions, surpassing $100,000 in the last month and consistently reaching new highs.
This surge, reported by analyst Ali Martinez, signals a growing interest from institutional players and large-scale investors, sparking speculation of a potential significant price spike in the near future.
Courtesy:Â Ali Martinez
Adding to the intrigue, a substantial volume of older Dogecoin is on the move from previously inactive wallets, suggesting a potential shift in the meme-inspired cryptocurrency’s price trajectory. Concurrently, there is a rising trend in the creation of wallets holding over one million DOGE, indicating heightened interest from significant investors.
On-chain analytics firm Santiment highlights this notable surge in the transfer of older DOGE from dormant wallets as a noteworthy development in the cryptocurrency’s market dynamics.
đ¶ #Altcoins are back in the green today, and data indicates there has been a massive amount of older $DOGE moving out of stagnant wallets today. Keep an eye on this, as well as the fact that 121 new 1M+ #Dogecoin wallets have popped up in the past month. https://t.co/OjXvbTEEf9 pic.twitter.com/zHMyiqBI7c
— Santiment (@santimentfeed) November 22, 2023
DOGE Rally Faces Crucial Resistance at $0.080
The ongoing Dogecoin (DOGE) rally shows potential for further momentum, driven by increased demand from new users. However, to sustain this upward trend, bulls must overcome the initial resistance at $0.080. Analysis supported by Global In/Out of the Money (GIOM) data from IntoTheBlock categorizes current DOGE holders based on their entry prices.
According to the data, 762,860 addresses acquired 19.6 billion DOGE at a minimum price of $0.80. A significant exit by these investors could trigger an immediate correction in Dogecoinâs price. Yet, surpassing the initial sell-wall may open the path for reclaiming $0.10.
Conversely, a drop below $0.06 poses a risk to the optimistic outlook. In this scenario, support may come from the 457,560 addresses that purchased 30.8 billion DOGE at an average price of $0.067. The holding of positions by these investors could prevent a major reversal in Dogecoin’s price, while early selling might lead to a decline to $0.06.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
