Dogecoin (DOGE) Set For Major Price Upswing, Analyst Says
25 Novembro 2023 - 12:20PM
NEWSBTC
In the last week, DOGE, alongside other cryptocurrencies, suffered
a significant price dip following reports of US enforcement action
on the world’s largest exchange, Binance, and the company’s CEO,
Changpeng “CZ” Zhao. In particular, DOGE recorded a cumulative
price loss of 6.85%, ranking as one of the biggest losers in the
last seven days, according to data from CoinMarketCap. However,
there are some positive developments regarding the meme coin, which
indicate that investors may soon record a significant price gain.
Related Reading: Big Money Returns To Dogecoin: Rally To $0.2
Already Programmed? DOGE Record Transactions Worth Over $100,000 –
Price Gain Imminent? In an X post on November 23, popular
crypto analyst Ali Martinez shared that the DOGE market recorded
$100,000 in transactions in the past month based on data from In
The Block. According to Martinez, this development marks a rising
interest in DOGE from major institutional players as well as crypto
whales, which means the maiden meme coin could be set for a price
boost soon. Providing more insight into this positive trend in
the DOGE market, blockchain analytics firm Santiment reported
that 121 new wallets containing over 1 million DOGE have been
created in the last month, terming it “a Sign of Big Money
Interest.” Santiment noted that Dogecoin has also recently recorded
its largest spike in activity from dormant wallets, which indicates
an incoming reversal of the token’s price trend, which is currently
negative. Related Reading: Is Dogecoin About To Reverse? Key
Factors To Watch Behind DOGE’s Rise In Transaction – Dogecoin
Co-Founder Weighs In In explaining the driving force behind
increasing Dogecoin transactions, the token’s founder Billy Markus,
with the X username Shibetoshi Nakamoto pointed out the
introduction of ordinals and shitcoins. This information was
revealed in a separate post on X in response to a crypto enthusiast
who highlighted the “parabolic” trend in the number of transactions
on the Dogecoin network. DOGE Ordinals, popularly known as
“Doginals,” are quite similar to the Bitcoin Ordinals. They are
referred to as DRC-20 token standards, which allow users to
inscribe information on the smallest individual units of a
Dogecoin, i.e., shibes. With the DRC-20 standard, DOGE users can
now create non-fungible tokens (NFTs) supported by the Dogecoin
network. Understandably, this has led to a substantial rise in the
transactions on the Dogecoin network. While this development marks
an increased network adoption, which could attract investors, the
increase in transactions is also accompanied by high network fees,
which may drive away network users. At the time of writing,
DOGE trades at $0.078 with a 0.4% gain in the 24 hours. Meanwhile,
its trading volume is up by 13.20% and valued at $374.16 million.
DOGE trading at $0.0775 on the daily chart | Source: DOGEUSDT chart
on Tradingview.com Featured image from PYMNTS, chart from
Tradingview
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