Why You Should ‘Keep an Eye’ on Dogecoin, These On-chain Metrics Flash Bullish

Cryptocurrency analytics platform Santiment recently highlighted some positive on-chain developments for popular meme coin Dogecoin (DOGE). With altcoins regaining momentum, data shows DOGE may be gearing up for a resurgence soon.

Source: Santiment – Start using it today

Older Coins on the Move

According to Santiment, there has been significant movement of older DOGE recently out of stagnant wallets that have been dormant for extended periods. When long-dormant coins suddenly become active, it often signals holders are prepping to take action on future price moves.

New Mega-Whales Accumulating

In addition, Santiment points out that over the past month alone, 121 new Dogecoin wallets holding balances of $1 million or more have emerged. The rapid expansion of these mega-whale wallets illustrates surging institutional and high networth interest in DOGE tokens.

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The combination of aging coins changing hands and major investors ramping up positions illustrates strengthening on-chain fundamentals. As the crypto market sentiment improves, DOGE appears well positioned for a price breakout thanks to robust indicators regarding circulation and accumulation patterns. With altcoins gaining momentum, Dogecoin has solid bullish metrics that could support a prolonged rally if meme coin mania returns. The data merits monitoring DOGE closely at this stage of its market cycle evolution.

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