Altcoins on the Rise
Over the last 24 hours, altcoins have been making a comeback after a turbulent period in the previous week. One notable development is the significant increase in the creation of Dogecoin (DOGE) wallets that hold more than $1 million of the cryptocurrency. A total of 121 new wallets have emerged in the last month, indicating growing interest in DOGE.
Moreover, there has been a surge in activity among dormant DOGE holders, with a substantial amount of Dogecoins moving out of stagnant wallets. According to data from Santiment, this uptick in wallets holding more than $1 million in DOGE is often a sign of a shift in price direction and suggests increased interest from big investors.
Impact on Derivatives Volume
Furthermore, Dogecoin has experienced a significant increase in its derivatives volume, particularly with short positions reaching an impressive $718.23 million on November 17. These 24-hour-long positions for DOGE amounted to $627.60 million, establishing a ratio of 53.35% to 46.63%.
DOGE Price Analysis
At the time of publication, DOGE’s price stood at $0.08, reflecting a 2.17% increase over the past 24 hours. While it experienced a decrease of -2.85% in the previous week, its gains over the last month amounted to 14.15%, supported by positive indicators such as trading above the 200-day moving average and 18 green days in the previous months.
However, it is important to note that DOGE is currently being outperformed by 76% of the top 100 cryptos and has seen a reduction of -90% from its all-time high.
Hot Take: Dogecoin Making Waves
Dogecoin’s recent surge in wallet creation and derivatives volume indicates growing interest and investment in the meme-inspired cryptocurrency. Despite facing some challenges, including being outperformed by other cryptos and experiencing a significant drop from its all-time high, DOGE’s current momentum suggests potential for further growth and market impact.
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