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Big Money Returns To Dogecoin: Rally To $0.2 Already Programmed?

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

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. 

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. 

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.

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.

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. 

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.

Dogecoin price chart from Tradingview.com

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Dogecoin Metrics Signal Impending Breakout, How High Can The Price Go?

Dogecoin is definitely on a rally as shown by crypto market numbers. The cryptocurrency has experienced a significant market increase amidst a wider consolidation, with the price up by 7.46% in the past seven days. 

Although the price of DOGE was recently pushed back down today by some level of resistance near $0.087, it has since bounced back up again at $0.082. At the time of writing, DOGE is trading at $0.084, an increase of 2.4% from this support level. This indicates that the bulls are not ready to give up buying momentum. 

According to a recent post by crypto analyst Rekt Capital on social media, DOGE has finally confirmed a break out of a descending channel pattern. On-chain signals also point to a huge surge in interest and trading volume, indicating DOGE might be going higher soon.

Metrics Signal Impending Breakout

The current state of the cryptocurrency market appears to be one of general consolidation when viewed through the lens of the price action of the many different cryptocurrencies that are tracked by Coinmarketcap. 

Crypto market caps seem to be running out of steam after a four-week consecutive rally. However, Dogecoin’s market value has been increasing over the past week, bucking the trend of most other cryptocurrencies in the top 10 by market size, which has all shown a decline in their market caps over the past week. 

Dogecoin

Dogecoin has finally broken out of its narrow trading range in the weekly candle chart, surging over 45% in the past month. Several catalysts have contributed to this impending breakout, one of which is an increased trading activity. Another catalyst is the announcement of Astrobotic’s plan to send a physical Dogecoin token to the moon in December.

Whale movements have also contributed for the most part. According to on-chain data from crypto analytics platform Santiment, the cumulative balance of wallets holding 10 million to 1 billion DOGE has increased from 44.63 billion DOGE tokens on November 1 to a cumulative balance of 47.38 billion DOGE tokens on November 17th. As a result, these large holders have increased their holdings by 2.75 billion DOGE, worth approximately $231 million at the crypto’s current price.

DOGE price

How High Can The Dogecoin Price Go?

The technical indicators for Dogecoin are looking quite bullish right now. The short 10-day Moving Average has climbed steadily above the longer 21-day Moving Average since a bullish cross on October 23 last month, indicating the bulls still have major control over the market. A continued bullish momentum could see the crypto break various price resistances, the first being the $0.87 level.

Doge is trading at $0.08440 at the time of writing. The next hurdle is to break above $0.09 and then move towards $0.1. According to IntoTheBlock’s Global In/Out Of The Money metric, about 1.58 million addresses are still waiting for DOGE to climb above their minimum buying price of $0.858 before making a profit.

Dogecoin price chart from Tradingview.com

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Prepare For Take-Off: Dogecoin Whales Have Injected $2 Billion Into DOGE

Dogecoin finally broke over $0.76 in the last 24 hours after a week of range trading and has emerged as a formidable performer in the past month. The crypto has seen gains of 25.9% in a 30-day timeframe, but the rally may be far from over.

DOGE whales have been working tirelessly behind the scenes to put the meme coin on the map, increasing their holdings by a substantial amount in the past month. On-chain data has revealed that large DOGE addresses have added more than $2 billion in DOGE in an effort to drive the crypto towards the $0.1 level.

Dogecoin Whales Inject $2 Billion Into DOGE In 30 Days

Data from the crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to its Balance By Holdings metric, the balance of addresses holding between $100,000 to $1 million worth of DOGE has increased by 24.31% in the past 30 days.

Likewise, addresses holding between $1 million to $10 million increased by 27.43%, and addresses holding more than $10 million worth of DOGE increased by 29.28%. 

A closer look into this metric’s chart shows that the collective holdings of these addresses holding at least $100,000 worth of DOGE increased from $7.37 billion on October 7 to $9.469 billion on November 9. This implies that the crypto’s whales have acquired an additional $2.099 billion in DOGE within the past month.

Dogecoin 1
Source: IntoTheBlock

For regular investors, this whale activity is a bullish signal for DOGE’s price trajectory, as whale accumulation is still ongoing. IntoTheBlock’s data has also revealed these addresses holding at least $100,000 worth of DOGE have acquired $119 million in DOGE in the past 24 hours alone. 

IntoTheBlock’s Order Books metrics reveal an interesting imbalance between the supply and demand for DOGE. At the time of writing, buyers have placed buy orders of 902 million DOGE on various crypto exchanges. Meanwhile, sellers have only put up 876 million DOGE for sale.

Dogecoin 2Source: IntoTheBlock

Will DOGE Return To $0.1?

The current shift towards higher demand and the current accumulation of whales speaks volumes of the current sentiment around Dogecoin and the massive injection of capital into Dogecoin could significantly impact its price. 

Crypto analyst Ali Martinez pointed out on X that DOGE’s crucial support wall at the $0.072 to $0.073 price point outstrips the resistance in strength. According to Martinez, a breakout over $0.76 puts the next significant hurdle at $0.084. 

At the time of writing, the bulls have pushed DOGE by 4.28% in the past 24 hours, and the crypto is now trading at $0.07686. Continued buying pressure from the whales and retail traders could push DOGE back up to $0.1, which we haven’t seen since June.

Dogecoin price chart from Tradingview.com