Price: $0.19143 -3.5845%
Market Cap: 28.08B 1.1023%
Volume (24h): 4.46B 0.2%
Dominance: 1.1023%
Price: $0.19143 -3.5845%
Market Cap: 28.08B 1.1023%
Volume (24h): 4.46B 0.2%
Dominance: 1.1023% 1.1023%
  • Price: $0.19143 -3.5845%
  • Market Cap: 28.08B 1.1023%
  • Volume (24h): 4.46B 0.2%
  • Dominance: 1.1023% 1.1023%
  • Price: $0.19143 -3.5845%
Home > Information news > Dogecoin Institutional and Whale Interest on the Rise, DOGE Price to $0.1?

Dogecoin Institutional and Whale Interest on the Rise, DOGE Price to $0.1?

Release: 2023/11/24 15:48 Reading: 868

Original author:CoinGape

Original source:https://coingape.com/dogecoin-institutional-and-whale-interest-on-the-rise-doge-price-to-0-1/

The world’s largest memecoin Dogecoin is currently in the limelight of institutional investors once again. At press time, DOGE is trading 1.41% up at a price of $0.077 with a market cap of $10.9 billion.

Dogecoin Institutional Interest

Dogecoin (DOGE) is experiencing a significant surge in transactions surpassing $100,000 over the last month, consistently reaching new highs. This notable increase indicates a growing interest in DOGE from institutional players and large-scale investors, raising speculation about a potential substantial price spike in the near future, reports popular analyst Ali Martinez.

A substantial volume of older Dogecoin (DOGE) is currently being transferred from previously inactive wallets, indicating a potential shift in the price trajectory of the meme-inspired cryptocurrency.

This movement occurs concurrently with a growing trend of the creation of wallets holding over one million DOGE, suggesting heightened interest from significant investors. Santiment, an on-chain analytics firm, highlights this notable surge in the transfer of older DOGE from dormant wallets as a noteworthy development in the cryptocurrency’s market dynamics.

Will the DOGE Price Rally to $0.1?

The ongoing DOGE rally may gain further momentum with increased demand from new users, but to sustain this upward trend, bulls need to overcome the initial resistance at $0.080. Global In/Out of the Money (GIOM) data from IntoTheBlock, categorizing current DOGE holders based on their entry prices, supports this analysis.

The data reveals that 762,860 addresses acquired 19.6 billion DOGE at a minimum price of $0.80. A significant exit by these investors could trigger an immediate correction in Dogecoin’s price. However, surpassing the initial sell-wall may pave the way for reclaiming $0.10.

Conversely, a drop below $0.06 could undermine the optimistic outlook. In such a scenario, support may come from the 457,560 addresses that purchased 30.8 billion DOGE at the average price of $0.067. If these investors hold onto their positions, it could prevent a major Dogecoin price reversal. On the other hand, early selling by this group could potentially lead to a decline in Dogecoin’s price to $0.06.

The post Dogecoin Institutional and Whale Interest on the Rise, DOGE Price to $0.1? appeared first on CoinGape.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.