The Dogecoin (DOGE) Price is on the Rise Ahead of “DOGE Day” 2023
The Dogecoin (DOGE) price has experienced a 20% increase over the past 10 days as the memecoin community prepares to celebrate “DOGE Day” in 2023. This event commemorates the birthday of “Kabosu,” the dog that inspired the original “doge” meme. Historical data trends suggest that DOGE prices could continue to rise in the coming days.
Whales Increased Their Trading Activity During 2022 DOGE Day Celebrations
Historical data reveals that Dogecoin whales increased their trading activity leading up to the last DOGE Day celebration in 2022. On-chain data shows that DOGE whale transactions rose from 711 to 3,170 transactions between October 24 and November 1, indicating a 445% surge in trading activity. A similar trend has emerged ahead of the upcoming 2023 DOGE Day, with large transactions increasing from 790 to 1,090 during the same period.
Miners Have Joined the Memecoin Accumulation Wave
Over the past two months, Dogecoin miners have been selling off their reserves, resulting in an all-time low. However, as the November 2 DOGE Day celebrations approached, miners changed their disposition and began accumulating DOGE. Between October 25 and November 1, miners accumulated 40 million DOGE, worth approximately $2.8 million at current market prices. This accumulation by miners indicates a growing bullish momentum within the Dogecoin ecosystem.
DOGE Price Prediction: Can it Reach $0.10?
On-chain statistics and Global In/Out of the Money data suggest that the bullish sentiment surrounding DOGE Day celebrations could drive the price higher. The $0.08 area is the most significant resistance level above the current DOGE price, with 577,890 addresses having bought 60.39 billion DOGE at that price. If these holders sell their positions early, it could trigger a price correction. However, if whales continue to buy DOGE, the price rally could reach $0.10, similar to the 2022 DOGE Day celebrations.
Hot Take: Dogecoin (DOGE) Prepares for Another Bull Run Ahead of DOGE Day 2023
The Dogecoin community is eagerly anticipating the upcoming DOGE Day celebration in 2023, which has fueled a recent surge in the DOGE price. Historical trends show increased trading activity by whales and accumulation by miners, indicating a bullish momentum within the ecosystem. While there is resistance at $0.08, if whales continue to buy DOGE and hold their positions, the price could rally to $0.10 or even higher. However, a dip below $0.050 may invalidate this prediction, but strong support is expected at $0.066.
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