Dogecoin, the largest memecoin globally, has regained attention from institutional investors. Currently, DOGE is trading at a 1.41% increase, reaching a price of $0.077, and boasting a market cap of $10.9 billion
Dogecoin (DOGE) is experiencing a significant surge in transactions surpassing $100,000 over the last month, consistently reaching new highs. This notable increase indicates a growing interest in DOGE from institutional players and large-scale investors, raising speculation about a potential substantial price spike in the near future, reports popular analyst Ali Martinez.
A substantial volume of older Dogecoin (DOGE) is currently being transferred from previously inactive wallets, indicating a potential shift in the price trajectory of the meme-inspired cryptocurrency.
This movement occurs concurrently with a growing trend of the creation of wallets holding over one million DOGE, suggesting heightened interest from significant investors. Santiment, an on-chain analytics firm, highlights this notable surge in the transfer of older DOGE from dormant wallets as a noteworthy development in the cryptocurrency’s market dynamics.
🐶 #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
The ongoing DOGE rally may gain further momentum with increased demand from new users, but to sustain this upward trend, bulls need to overcome the initial resistance at $0.080. Global In/Out of the Money (GIOM) data from IntoTheBlock, categorizing current DOGE holders based on their entry prices, supports this analysis.
The data reveals that 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 Dogecoin’s price. However, surpassing the initial sell-wall may pave the way for reclaiming $0.10.
Conversely, a drop below $0.06 could undermine the optimistic outlook. In such a scenario, support may come from the 457,560 addresses that purchased 30.8 billion DOGE at the average price of $0.067. If these investors hold onto their positions, it could prevent a major Dogecoin price reversal. On the other hand, early selling by this group could potentially lead to a decline in Dogecoin’s price to $0.06.
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