DOGE Records Transactions Worth Over $100,000 – Potential Price Gain
In the past month, DOGE has seen a surge in transactions exceeding $100,000, indicating increased interest from institutional players and whales. This development suggests that DOGE could experience a significant price spike soon. Data from In The Block reveals that the DOGE market recorded $100,000 in transactions in the past month.
#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.
This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW
— Ali (@ali_charts) November 23, 2023
Santiment, a blockchain analytics firm, reported that 121 new wallets containing over 1 million DOGE have been created in the last month. This indicates significant interest from big money investors. Additionally, Dogecoin has seen a spike in activity from dormant wallets, suggesting a potential reversal of its current negative price trend.
DOGE’s Rise in Transactions Explained by Co-Founder
Billy Markus, the co-founder of Dogecoin, explained that the increase in transactions is due to the introduction of ordinals and shitcoins on the Dogecoin network. These ordinals, known as “Doginals,” are similar to Bitcoin Ordinals and allow users to create non-fungible tokens (NFTs) supported by the Dogecoin network. This has led to a substantial rise in transactions on the network.
While this increased network adoption may attract investors, it is also accompanied by high network fees, which could discourage some users from utilizing the network.
Hot Take: Potential Price Gain for DOGE
The recent surge in transactions and interest from institutional players and whales suggests that DOGE may experience a significant price spike soon. With $100,000 in transactions recorded in the past month and new wallets holding over 1 million DOGE being created, there is growing momentum for the meme coin. However, it’s important to consider the high network fees associated with increased transactions. Keep an eye on DOGE’s price movements as it continues to attract attention in the crypto market.
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