The total number of Dogecoin wallets holding DOGE has surpassed the one million mark. This indicates a significant increase in institutional interest. Thus, the world’s largest meme-coin is now once again in the spotlight of institutional investors. Meanwhile, the altcoin price started the day with a rise of around 2%. Crypto analyst Ali Martinez says it is possible that these developments will trigger a boom in DOGE price.
Institutional interest in popular meme coin Dogecoin is growing
cryptokoin.com As you can see from , there are signs of a revival in interest in meme coins. Dogecoin (DOGE) has experienced a significant increase in transactions exceeding $100,000 over the past month. During this period, DOGE has consistently reached new highs in trading. Popular crypto analyst Ali Martinez says that this significant increase for the altcoin indicates increased interest from institutional players and large-scale investors in DOGE. He also notes that it has led to speculation that there may be a significant increase in prices in the near future.
A significant amount of legacy Dogecoin (DOGE) is currently being transferred from previously inactive wallets. This points to a potential change in the altcoin price trajectory. This move is occurring concurrently with a growing trend towards the creation of wallets holding more than one million DOGE. Therefore, it indicates increased interest from major investors. Santiment, an on-chain analysis firm, highlights this significant increase in transfers of ex-DOGE from dormant wallets as a notable development in the market dynamics of the cryptocurrency.
🐶 #Altcoins are back in the green today, and data indicates there has been a massive amount of older $DOGE moving out of stagnant wallets today. Keep an eye on this, as well as the fact that 121 new 1M+ #Dogecoin wallets have popped up in the past month. https://t.co/OjXvbTEEf9 pic.twitter.com/zHMyiqBI7c
— Santiment (@santimentfeed) November 22, 2023
Will the altcoin price rise to $0.1?
Crypto analyst Bhushan Akolkar evaluates the technical picture of DOGE. It is possible that the ongoing DOGE rally will gain further momentum as demand from new users increases. But to continue this uptrend, the bulls need to overcome the initial resistance at $0.080. IntoTheBlock’s Global In/Out of the Money (GIOM) data, which categorizes current DOGE holders based on their entry price, supports this analysis.
The data reveals that 762,860 addresses purchased 19.6 billion DOGE at a minimum price of $0.80. A significant outflow from these investors is likely to trigger a sudden correction in the altcoin price. However, breaking the first selling wall could pave the way for it to reclaim $0.10.
Conversely, a drop below $0.06 would weaken the optimistic outlook. In such a scenario, it is possible to receive support from 457,560 addresses receiving 30.8 billion DOGE at an average of $ 0.067. If these investors hold their positions, the altcoin price reversal can be prevented. On the other hand, early selling by this group would likely cause the Dogecoin price to drop to $0.06.
