Institutional Interest in Dogecoin
Recent on-chain data suggests that institutional money may be returning to Dogecoin, as indicated by the number of large DOGE transactions. According to crypto analytics platform IntoTheBlock, there has been a significant increase in the number of transactions worth $100,000 or more since last month. This growing interest from institutional players and large-scale investors brings more stability to the market.
An earlier report also noted that large holders added over $2 billion into DOGE throughout October and early November. Crypto analyst Ali Martinez shared a similar sentiment, stating that the number of huge DOGE transactions has consistently set new highs this month, suggesting increased interest from institutional players.
Is a Spike Imminent? DOGE to $0.2?
Another potential catalyst for the price of DOGE is the spike in the number of wallets holding over 1 million DOGE. Santiment reported that 121 new wallets were created in the past month. Additionally, there has been a surge in dormant DOGE activity as older coins moved out of stagnant wallets, which could signal positive momentum.
Despite recent buy-ins and large transactions, DOGE has struggled to post high gains compared to other altcoins. However, there is still potential for a price surge to $0.2 if a major catalyst emerges. The first hurdle would be establishing strong support above $0.08. Crypto analyst Alan Santana believes that Dogecoin could break out in the next six months.
At the time of writing, DOGE is trading at $0.0776, with 557,560 addresses still waiting for a profit according to IntoTheBlock. A drop below $0.6 could cast doubt on the optimistic outlook.
Hot Take: Institutional Interest and Potential Spike for Dogecoin
The recent increase in large transactions and the growing number of wallets holding significant amounts of DOGE suggest a renewed interest from institutional players in Dogecoin. This influx of institutional money brings stability to the market and could potentially lead to a significant price spike for DOGE.
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