Dogecoin is trading in the green today, which is a reflection of what on-chain data suggests maybe whales looking to propel the crypto to a rally. Recent on-chain data shows that institutional money might be returning to the meme token, as evident by the number of Dogecoin wallets holding large amounts of DOGE tokens. 

Institutional Interest In Dogecoin

Dogecoin에 대한 제도적 관심

Data from the crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to its large transaction metric, the number of DOGE transactions worth $100,000 or more has been on a run since the middle of last month and resumed a spike in the past week. 

암호화폐 분석 플랫폼 IntoTheBlock의 데이터는 현재 Dogecoin 고래들 사이에서 낙관적인 정서를 재확인했습니다. 대규모 거래 지표에 따르면 지난달 중순부터 10만달러 이상의 DOGE 거래가 급증세를 보였으며 지난주부터 다시 급증세를 보였다.

IntoTheBlock puts the number of transactions worth $100,000 at 1,300 in the past 24 hours and a 7-day high of 1,770. This notable increase indicates a growing interest in DOGE from institutional players and large-scale investors, which brings more stability and less volatility.

This large transaction volume has been going on for a while, as an earlier report noted large holders added more than $2 billion into DOGE throughout October and the first week of November. 

Crypto Analyst Ali Martinez also shared a similar sentiment for the translation of the metric’s data on social media. According to him, the number of huge DOGE transactions has consistently set new highs this month, which might suggest an increased interest in DOGE from institutional players. 

암호화폐 분석가 알리 마르티네즈(Ali Martinez)도 소셜 미디어에서 측정항목 데이터를 번역하는 데 대해 비슷한 감정을 공유했습니다. 그에 따르면 대규모 DOGE 거래 건수는 이번 달에도 지속적으로 최고치를 경신했으며, 이는 기관 관계자들의 DOGE에 대한 관심이 높아졌음을 의미할 수 있습니다.

#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.

This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW

— Ali (@ali_charts) November 23, 2023

— 알리(@ali_charts) 2023년 11월 23일

Is A Spike Imminent? DOGE To $0.2?

Large transactions are something to keep an eye on, as they might indicate a significant price spike if they are buy-ins. Similarly, on-chain analytics platform Santiment recently shared an insight into what might be another catalyst for the price of DOGE.

대규모 거래는 바이인인 경우 상당한 가격 급등을 나타낼 수 있으므로 주의해야 합니다. 마찬가지로, 온체인 분석 플랫폼 Santiment는 최근 DOGE 가격의 또 다른 촉매제가 될 수 있는 것에 대한 통찰력을 공유했습니다.

Santiment reported that the number of Dogecoin wallets holding over 1 million DOGE has spiked, as 121 new wallets were created in the past month. At the same time, the crypto recently had the largest spike in dormant DOGE activity in June, as massive amounts of older DOGE moved out of stagnant wallets. While this may be a sign of a selloff, Santiment pointed out that this move often signaled a positive momentum.

Santiment는 지난 한 달 동안 121개의 새로운 지갑이 생성되면서 100만 개 이상의 DOGE를 보유하는 Dogecoin 지갑의 수가 급증했다고 보고했습니다. 동시에, 암호화폐는 최근 6월에 휴면 DOGE 활동이 가장 크게 급증했습니다. 이는 대량의 오래된 DOGE가 정체된 지갑에서 빠져나왔기 때문입니다. 이는 매도의 신호일 수 있지만 Santiment는 이러한 움직임이 종종 긍정적인 모멘텀을 의미한다고 지적했습니다.

#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

— Santiment(@santimentfeed) 2023년 11월 22일

Despite all the whale buy-ins and large transactions since October, DOGE has struggled to post high gains compared to other altcoins. The crypto is down by 7.8% in the past week, although a 2.17% increase in the past 24 hours shows momentum might be building. A price surge to $0.2 is still in the books for DOGE, and all it needs is a major catalyst. The first hurdle to break would be a strong footing above $0.08. 

10월 이후 계속된 고래 매수와 대규모 거래에도 불구하고 DOGE는 다른 알트코인에 비해 높은 수익을 올리기 위해 애썼습니다. 지난 주 암호화폐 가격은 7.8% 하락했지만, 지난 24시간 동안 2.17% 상승한 것은 모멘텀이 형성되고 있음을 보여줍니다. 0.2달러로의 가격 급등은 여전히 ​​DOGE의 장부에 남아 있으며 필요한 것은 주요 촉매제뿐입니다. 첫 번째 장애물은 $0.08 이상의 강력한 기반이 될 것입니다.

DOGE is trading at $0.0776 at the time of writing. IntoTheBlock puts the number of addresses still waiting for a profit at 557,560. On the other hand, a drop below $0.6 could cast doubt on the weak optimistic outlook.

According to crypto analyst Alan Santana, this is poised to change soon, as Dogecoin could break out in the next six months.

암호화폐 분석가인 Alan Santana에 따르면 Dogecoin이 향후 6개월 내에 출시될 수 있기 때문에 상황은 곧 바뀔 것이라고 합니다.