Dogecoin Gains Attention from Institutional Investors
The world’s largest memecoin, Dogecoin (DOGE), is catching the interest of institutional investors once again. Currently trading at $0.077 with a market cap of $10.9 billion, DOGE has experienced a surge in transactions exceeding $100,000 over the past month. This increase suggests a growing attraction to DOGE from large-scale investors and institutions, leading to speculation about a potential significant price spike in the near future.
Shifting Price Trajectory
A significant amount of older DOGE is being transferred from previously inactive wallets, indicating a possible change in the price trajectory of this meme-inspired cryptocurrency. Additionally, there has been a notable surge in the creation of wallets holding over one million DOGE, suggesting heightened interest from significant investors. On-chain analytics firm Santiment highlights these developments as significant factors impacting DOGE’s market dynamics.
Potential Rally to $0.1
To sustain its upward trend, DOGE needs to overcome initial resistance at $0.080. Global In/Out of the Money (GIOM) data from IntoTheBlock supports this analysis, revealing that 762,860 addresses acquired 19.6 billion DOGE at a minimum price of $0.80. If these investors decide to sell their holdings, it could trigger an immediate correction in DOGE’s price. However, surpassing the initial sell-wall may pave the way for reclaiming $0.10.
Conversely, if DOGE drops below $0.06, it could undermine the optimistic outlook. Support may come from the 457,560 addresses that purchased 30.8 billion DOGE at an average price of $0.067. Holding onto their positions could prevent a major price reversal, while early selling from this group could potentially lead to a decline in DOGE’s price to $0.06.
Hot Take: Dogecoin’s Institutional Appeal and Price Prospects
Dogecoin is once again capturing the attention of institutional investors, with growing transaction volumes and the transfer of older DOGE from dormant wallets. This institutional interest, coupled with the creation of wallets holding over one million DOGE, indicates a potential shift in DOGE’s price trajectory. However, to sustain its rally and reach $0.1, DOGE needs to overcome resistance levels and avoid significant sell-offs by early investors. The coming weeks will be crucial in determining whether DOGE can maintain its upward momentum or experience a correction.
By
By
By
By
By
By