Dogecoin had a decent streak, along with the rest of the crypto market surging by nearly 15% in the past few weeks. The latest data suggest that the OG memecoin is once again in the spotlight, and it appears to be primed for more gains.
Prominent crypto analyst Ali Martinez observed a notable surge in DOGE transactions, which surpassed $100,000 in the past month and is consistently hitting new highs.
This uptick in on-chain activity demonstrated an increased interest in the popular meme coin from institutional players and whales, potentially gearing up for a price appreciation in the near future.
ITB’s data revealed notable spikes in the number of active addresses, which recently spiked to 106.1k, a level not seen since April this year.
The new address count also hit a six-month high of more than 61k during the same period.
The number of transactions on Dogecoin surged to a whopping $1.04 million on November 23rd, further validating the trend.
Meanwhile, a significant amount of Dogecoin that has been inactive in older wallets was recently moved, signaling a possible change in the price direction of the asset.
This coincided with a rising trend of wallets with holdings exceeding one million DOGE, which essentially indicated an increased interest from investors, according to an analysis by Santiment.
🐶 #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
The on-chain analytics firm further pointed out that the noteworthy increase in the transfer of older DOGE from dormant wallets is a significant development in the market dynamics of the asset.
The increased interest in Dogecoin is evident, as Carl Erik Rinsch, the director of the sci-fi series ‘Conquest’ on Netflix, reportedly invested $4 million from the show’s budget in Dogecoin, resulting in a $27 million return.
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