Altcoins are once again basking in the green glow of positive market momentum. One notable development is the massive movement of older Dogecoin (DOGE) from stagnant wallets. Analysts are advising investors to keep a keen eye on this shift.
Santiment, a well-known crypto data provider, took to Twitter to reveal a noteworthy statistic: a staggering 121 new Dogecoin wallets holding over 1 million coins each have emerged in the past month. This sudden surge in large wallets hints at a potential shift in the distribution of DOGE, adding an extra layer of intrigue to the ongoing crypto narrative.
Delving deeper into the data, IntoTheBlock reports a substantial uptick in active Dogecoin addresses. The number has surged by an impressive 87.1% since the beginning of November, rising from 48.47K on November 1st to an impressive 90.69K by November 20th. This surge in active addresses indicates renewed interest and engagement within the Dogecoin community.
The coin has also caught the attention of whale investors, with November witnessing a notable increase in transactions exceeding $100,000. Santiment’s analysis of the supply distribution of DOGE wallets suggests that buyers predominantly drive these transactions, resulting in an overall increase in total whale holdings. The futures market for DOGE has seen a 9.5% surge in Open Interest (OI) in November, pointing towards fresh capital inflows.
Dogecoin Price Analysis
Turning to price analysis, currently, DOGE is trading at $0.07581 with almost a 3% rise in the daily chart. The coin has experienced a notable 21.25% gain over the past month, prompting analysts to take notice. Notable figures in the crypto trading community, such as Analyst Tony and top trader Heisenberg, have shared their insights on social media platforms.
Analyst Tony, in a recent tweet, highlighted Dogecoin tagging the 1M Parabolic SAR, noting that the last signal produced an astounding 23,000% rally for DOGE. On the other hand, Heisenberg emphasized the strong surge in Dogecoin’s price after a prolonged period of accumulation at the bottom. According to Heisenberg, the fluctuation of $Doge between the $0.06-$0.09 range for approximately 500 days served as a strategic move to shake off weak hands.
Heisenberg believes that the current market activity is a final shakeout session before Dogecoin enters a massive bullish phase, citing continuous development as a solid foundation for the cryptocurrency.
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