One of the leading meme coins dogecoinmanaged to attract the attention of institutional investors again. DOGE is trading at $0.077, recording an increase of 1.41% in the last 24 hours. Its market value is around 10.0 billion dollars.
Dogecoin reached new highs last month, recording a significant increase in transactions exceeding $100,000. Analyst Ali Martinez stated that this significant increase indicates that institutional investors and large-scale investors have increased interest in DOGE. According to the analyst, this situation also triggers speculation that there may be an increase in price in the near future.
Dogecoin Wallets Are Awakening
As Koinfinans.com reported, old Dogecoin wallets also took action, triggering excitement. The reactivation of very old wallets is generally interpreted as a positive signal.
Sleeping Whales are on the move: Rally in That Meme Coin Can Be Triggered at Any Time!
This movement has more than a million DOGE It coincides with a growing trend towards the creation of holding wallets and indicates increased interest from major investors. Santiment describes this significant increase in transfers from dormant wallets as a significant development in the market dynamics of cryptocurrency. emphasizes.
🐶 #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
NEWS CONTINUES BELOW
Will DOGE Jump to $0.1?
Dogecoin priceThe optimistic outlook may be strengthened by the interest of new investors and may trigger a rally in the price. First resistance according to technical data. It is located around 0.08 dollars. IntoTheBlock’s Global In/out of the Money data also provides technical details that reinforce this resistance.
The data reveals that 762,860 addresses purchased 19.6 billion DOGE at a minimum price of $0.80. A significant outflow by these investors could trigger a sudden correction in Dogecoin’s price. However, breaking the initial sell wall could pave the way for a retracement of $0.10.
Conversely, a fall below $0.06 will weaken the optimistic outlook. In such a scenario, support could come from 457,560 addresses that purchased 30.8 billion DOGE at an average price of $0.067. If these investors hold their positions, Dogecoin prices may be prevented from reversing. On the other hand, early selling by this group could cause Dogecoin’s price to drop to $0.06.