Is Dogecoin entering a new chapter? Some long-inactive DOGE whales have stirred, aiming for the $0.10 milestone.
In the past month, 121 new Dogecoin (DOGE) holders have joined the scene. Experienced crypto traders suggest a growing interest from institutions in DOGE. With 54% of current holders in a profitable position, DOGE is expected to test its initial resistance.
Dogecoin Gains Traction in Institutional Trading as Large Transactions Skyrocket
The popular dog meme coin, Dogecoin (DOGE), is making waves in the institutional trading realm, evident from a substantial rise in transaction values on its Proof-of-Work (PoW) blockchain. Notably, market analysts highlight the parabolic surge in Dogecoin’s large transactions over the past month.
In just the last week, Dogecoin has witnessed transactions exceeding $100,000, totaling $2.92 billion. This surge indicates a growing interest from major players in the crypto space, including sharks, whales, and institutional investors.
Trader Ali Martinez suggests that the accumulation of DOGE by these influential entities hints at their anticipation of a significant price spike for Dogecoin in the near future.
Dogecoin transactions are going parabolic
Does anyone know why? pic.twitter.com/qBRQGiLhOp
— 💸💸💸 (@itsALLrisky) November 24, 2023
Dogecoin Activity Surges
Blockchain analytics firm Santiment has detected a surge in new whales and the awakening of dormant ones in the Dogecoin (DOGE) ecosystem. Over the past 30 days, 121 new cryptocurrency addresses holding over $1 million worth of DOGE have emerged.
🐶 #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
Simultaneously, previously inactive Dogecoin whales have started moving their DOGE holdings, a trend that often signals a significant shift in the cryptocurrency’s price trajectory. The last time such movement occurred was in June 2023, with DOGE trading in a similar price range. During that period, DOGE broke through $0.08 in July but faced resistance at the hefty resistance line after retesting it twice.
As of the latest update, Dogecoin is priced at $0.07717, showing a 2% gain in the last 24 hours. Positioned as the 10th-ranked cryptocurrency by global market capitalization, DOGE is now gearing up to retest the $0.08 resistance last observed on November 20, 2023.
Hell Yeah $0.08 cents coming soon. LFG Dogecoin pic.twitter.com/N0QAeLzhNp
— Crypto Daily Trade Signals (@cryptodailyTS) November 24, 2023
A Recap of Late 2022 Surge and Elon Musk’s Influence
In late 2022, Dogecoin made headlines by reaching the $0.10 mark, coinciding with technology mogul Elon Musk’s acquisition of Twitter. The catalyst for this bull run was the rumored inclusion of Dogecoin in 𝕏 Corp’s financial system, propelling it to reach $0.142 in November. As a widely publicized meme currency, Dogecoin has played a significant role in fostering global crypto adoption.
Important: 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.
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