Dogecoin trades in green today, reflecting some on-chain data suggesting whales may be looking to propel the crypto to a rally. Recent on-chain data shows that institutional money may be returning to the meme token, as evidenced by the number of Dogecoin wallets holding large amounts of DOGE tokens.
Institutional interest in Dogecoin
Data from crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to the major transaction The number of DOGE transactions worth $100,000 or more has been on the rise since the middle of last month and has peaked again this past week.
IntoTheBlock estimates the number of transactions worth €100,000 at 1,300 in the past 24 hours and a seven-day high of 1,770. This notable increase indicates growing interest in DOGE from institutional players and large-scale investors, bringing more stability and less volatility.
This high transaction volume has been going on for some time an earlier report noted that major holders added more than $2 billion to DOGE in October and the first week of November.
Crypto analyst Ali Martinez also shared a similar sentiment for the statistic’s data translation on social media. According to him, the number of large DOGE transactions has consistently reached new highs this month, which could indicate increased interest in DOGE from institutional players.
#Dogecoin | There is a remarkable influx $DOGE transactions exceeding $100,000 in the past month, consistently reaching new highs.
This increase indicates an increased interest in #DOGE from institutional players and whales, who may be preparing for a significant price increase. pic.twitter.com/UpxVkfu9hW
— Ali (@ali_charts) November 23, 2023
Is there a peak coming? DOGE to $0.2?
Large trades are something to keep an eye on as they can indicate a significant price spike when it comes to buy-ins. Similarly, on-chain analytics platform Santiment recently shared an insight into what could be another catalyst for DOGE’s price.
Santiment reported that the number of Dogecoin wallets has surged by over 1 million DOGE as 121 new wallets were created in the past month. At the same time, the crypto recently had its biggest spike in dormant DOGE activity in June, as massive amounts of older DOGE pulled out of stagnant wallets. While this could be a sign of a sell-off, Santiment pointed out that this move often signified positive momentum.
#Altcoins are back in the green today, and data suggests there has been a huge amount of aging $DOGE Get out of stagnant wallets today. Keep an eye on this, as well as the fact that there are 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
Despite all the whales buy-ins and large trades since October, DOGE has struggled to post high profits compared to other altcoins. The crypto is down 7.8% over the past week, although a 2.17% rise in the past 24 hours shows that momentum could be increasing. A price increase to $0.2 is still on the books for DOGE, and all it needs is a major catalyst. The first hurdle to overcome is a strong position above $0.08.
DOGE is trading at $0.0776 at the time of writing. IntoTheBlock moves the number of addresses still waiting for winnings is 557,560. On the other hand, a decline below $0.6 could cast doubt on the weak bullish outlook.
According to crypto analyst Alan Santana, this is about to change quickly, just like Dogecoin might outbreak in the next six months.
DOGE price records small gains | Source: DOGEUSD On Tradingview.com
Featured image of Finbold, chart from Tradingview.com