- 121 fresh Dogecoin (DOGE) whales have emerged in the last 30 days.
- Pro crypto traders point to increasing institutional interest in DOGE.
- DOGE to retest initial resistance with 54% of current holders at profit.
The top dog meme coin Dogecoin (DOGE) is making a presence in the institutional trading field, judging by the dramatically increased transaction values on the Proof-of-Work (PoW) blockchain. As pointed out by several top market analysts, Dogecoin’s surge in large transactions over the past month has been parabolic.
Just in the last 7 days, Dogecoin processed $2.92 billion in transactions over $100,000. This signifies an increased interest from crypto sharks, whales, and institutional investors. According to trader Ali Martinez, the accumulation of DOGE by whales in this phase suggests that the heavy players are expecting a significant DOGE price spike.
Dormant Whales Giving DOGE A Leg-Up To $0.10?
Meanwhile, the blockchain analytics enterprise Santiment detected a flurry of new whales in the making, while the dormant ones seem to have woken up after years of sleep. Indeed, 121 new cryptocurrency addresses holding over $1 million worth of Dogecoin (DOGE) emerged in the last 30 days.
On top of that, dormant Dogecoin whales started moving their $DOGE. This is usually a catalyst for a sharp change in the cryptocurrency’s price direction. The last time DOGE reached this barrier was June 2023, while DOGE was trading in a similar price range. On that occasion, DOGE eventually broke through $0.08 in July but got rejected at the hefty resistance line after retesting the confluent resistance twice.
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At the time of this publication, the leading canine coin is changing hands at $0.07717, according to independent crypto price aggregator CoinGecko. Fetching 2% gains in the last 24 hours, the 10th-ranked crypto by global market capitalization is now gearing up to retest the $0.08 resistance last seen on 20 November 2023.
On The Flipside
- Dogecoin’s most recent journey to $0.10 occurred in late 2022, months after technology mogul Elon Musk acquired Twitter.
- Dogecoin’s rumored inclusion in 𝕏 Corp’s financial system was the main stimulant for the bull run, hitting $0.142 in November.
Why This Matters
Dogecoin is a highly-publicized meme currency, heavily contributing towards global crypto adoption.
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