Dogecoin Sees Increased On-Chain Activity and Institutional Interest
Dogecoin, along with the rest of the crypto market, has experienced a surge in recent weeks. This surge is supported by data that shows a notable increase in DOGE transactions, surpassing $100,000 in the past month and consistently reaching new highs.
Institutional Players and Whales Show Interest
The uptick in on-chain activity indicates a growing interest in Dogecoin from institutional players and whales. This increased interest suggests a potential price appreciation in the near future.
Active Addresses and Transactions Surge
Data from ITB reveals significant spikes in the number of active addresses for Dogecoin, reaching 106.1k, the highest level since April of this year. Additionally, the number of transactions on Dogecoin reached $1.04 million on November 23rd.
Movement of Inactive Wallets and Increased Investor Interest
A significant amount of Dogecoin held in older wallets has recently been moved, indicating a possible change in the price direction of the asset. Furthermore, there is a rising trend of wallets holding more than one million DOGE, signaling increased interest from investors.
Hot Take: Dogecoin Gains Momentum Amidst Increased On-Chain Activity
The surge in on-chain activity and institutional interest suggests that Dogecoin is gaining momentum. With notable increases in active addresses, transactions, and investor interest, it appears that Dogecoin may be primed for further gains in the near future.
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