- Dogecoin (DOGE) is attracting significant attention from institutional investors.
- DOGE is currently trading at $0.077 with a market capitalization of $10.9 billion.
Dogecoin (DOGE), the cryptocurrency that started as a meme but has gained worldwide recognition, is currently drawing significant interest from institutional investors. With a current trading price of $0.077 and a market capitalization of $10.9 billion, DOGE is showing signs of a potential price upswing driven by a surge in large transactions and an increase in the number of wallets holding substantial amounts of the cryptocurrency.
Recent data reveals that Dogecoin has experienced a remarkable surge in transactions exceeding $100,000 over the past month, consistently reaching new highs. This trend is indicative of growing interest from institutional investors and large-scale holders, fueling speculation about a substantial price increase in the near future. Analyst Ali Martinez has highlighted this development, emphasizing the substantial volume of older DOGE being transferred from previously inactive wallets. Such activity suggests a potential shift in the cryptocurrency’s price trajectory.
Notable Increase in Large Holder Wallets
Concurrent with the surge in high-value transactions is the growing trend of wallet creation holding over one million DOGE. On-chain analytics firm Santiment reports a noticeable increase in the transfer of older DOGE from dormant wallets, marking a significant development in the market dynamics of the cryptocurrency. This trend indicates growing confidence and interest among larger holders.
Dogecoin’s Price Outlook: The Road to $0.1
The current rally in DOGE may gain further momentum with the influx of new users and increased demand. However, the cryptocurrency must overcome the initial resistance at $0.080 to sustain this upward trend. Global In/Out of the Money (GIOM) data from IntoTheBlock categorizes current DOGE holders based on their entry prices, providing insights into potential resistance and support levels.
According to the data, 762,860 addresses have acquired 19.6 billion DOGE at a minimum price of $0.80. A significant exit by these investors could lead to an immediate correction in Dogecoin’s price. Nevertheless, surpassing this initial sell-wall might set the stage for DOGE to reclaim the $0.10 mark.
On the flip side, a decline below $0.06 could dampen the bullish outlook. Support in this scenario may come from 457,560 addresses holding 30.8 billion DOGE at an average price of $0.067. Their continued holding could prevent a major reversal in Dogecoin’s price, while early selling by this group could potentially see DOGE’s price fall to $0.06.
