Dogecoin On The Brink: Factors That Indicate A DOGE Rally Is Just Starting
17 Novembro 2023 - 11:00AM
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According to on-chain analytics, the next strong Dogecoin rally
might be closer than we think. The meme token has been giving
traders mixed signals for the past month, but signs like on-chain
transaction volume and DOGE’s mission to the moon are starting to
point to the next surge being right around the corner.
Despite the majority of cryptocurrencies being in the red over the
past 24 hours as consolidation and modest selloffs continue, Doge
has managed to post a gain of 6.87%. Dogecoin Transaction
Volume Spikes Price activity indicates that Dogecoin has gained
more than 10% over the course of the past week. The cryptocurrency
struggled to post gains like other popular cryptocurrencies for the
most part of October’s rally. Related Reading: Polygon
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Price data from Coinmarketcap shows the crypto only spiked 19.7%
from its October bottom of $0.0579 to end the month at $0.069.
However, things changed in early November, as bulls and whales
started to inject capital into the cryptocurrency. This influx
pushed the cryptocurrency over the strong $0.76 support.
According to crypto analyst Rekt Capital, this breakout was the
beginning of a shift in trend, with a spike to a $0.15 price target
now in formation. Various on-chain monitors reveal that on-chain
transactions have spiked at the same time. According to on-chain
analytics platform Santiment, Dogecoin reached a total transaction
volume of $665 million yesterday, its highest level in three
months. Data from Coinmarketcap also puts the total transaction
volume in the past 24 hours at $1.83 billion, an increase of over
240% from the previous day. 🐶 #Dogecoin has had a modest +5%
surge on a mostly flat #crypto market day. It has been aided by
$665M in #onchain transaction volume, its highest level in 3
months. There is also a notable amount of $DOGE longs opening as
traders bet on prices rising. https://t.co/uFgCCIxih0
pic.twitter.com/DussxIPJN2 — Santiment (@santimentfeed) November
16, 2023 Dogecoin millionaires figures are currently in decline,
but that has not stopped whale activities as large transactions
have spiked in the past week amid greater market pullback.
IntoTheBlock’s large on-chain transaction metric shows that DOGE’s
large on-chain transactions totaled $1.37 billion in the past 24
hours, a 69% increase from the prior day. Source: IntoTheBlock Most
of this heightened trading activity can be linked to increasing
enthusiasm within the Dogecoin community surrounding robotics
company Astrobotic’s launch of a physical Dogecoin token to the
moon in December. For a token whose price is mostly driven largely
by hype and excitement, the anticipation and achievement of this
Moon mission could very well start a sustained upward trend for
Dogecoin. Related Reading: Crypto Market Cap To $25 Trillion:
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Robinhood has also been a major factor in this uptick in large
transaction volume. A series of large-scale transactions linked to
Robinhood started on November 7, when it received a transfer of 250
million DOGE, worth approximately $18.9 million at the time. Other
notable transfers include a transfer of $10.6 million worth of DOGE
from Robinhood to an unknown wallet and a transfer of 690 million
DOGE between two private wallets. According to whale transaction
tracker Whale Alerts, 375 million DOGE worth approximately $30.3
million was recently transferred to Robinhood. 🚨 🚨 375,000,000
#DOGE (30,335,217 USD) transferred from unknown wallet to
#Robinhoodhttps://t.co/g1oWHeGIJN — Whale Alert (@whale_alert)
November 17, 2023 DOGE bulls take control | Source: DOGEUSD on
Tradingview.com Featured image from CNET, chart from
Tradingview.com
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