Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow?

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As a seasoned crypto investor with a knack for recognizing market trends and patterns, I find the recent activity surrounding Dogecoin intriguing. The surge in large transactions, coupled with the sustained interest indicated by the increase in active addresses, suggests a potential long-term play for DOGE.

In the last couple of hours, there’s been a surge in Dogecoin‘s activity, with its price starting to rise after a downturn during the weekend. Over the past day, there’s been a marked upswing in large Dogecoin transactions being transferred between Dogecoin wallets. These substantial transactions, usually involving over $100,000, are often seen as significant signs of big investors (whales) or institutions participating in the market.

Despite the fact that big Dogecoin transactions might equally represent sell-offs rather than accumulations, the significant increase in activity indicates a favorable trajectory for this humorous cryptocurrency.

Dogecoin Large Transaction Activity Intensifies

After reaching new highs above $0.42 during its recent surge, the momentum behind Dogecoin seems to be slowing down. This appears to be due to traders cashing out their profits, causing a dip and pushing the price below the $0.40 mark once more. At present, the value of Dogecoin is trading under $0.40, having reached a low of $0.346 in the last 24 hours.

The correction has brought about the idea that maybe the Dogecoin price has finally expanded its sentiment among crypto investors. However, on-chain data suggests this might not be the case. Despite the price correction, the Dogecoin blockchain continued to witness a surge in activity.

Over the last 24 hours, Dogecoin saw a significant jump of 41.12% in large transactions worth approximately $23.35 billion, as reported by analytics provider IntoTheBlock. Simultaneously, the blockchain witnessed an active address count surge by 34.91%, reaching 157,190 during the same timeframe.

What Does This Mean For DOGE Price?

This data clearly shows that people continue to be drawn to Dogecoin, even during periods when its value decreases. Moreover, a significant spike in large transactions and active users indicates that many investors, especially those with substantial holdings, are still actively participating in the Dogecoin market.

It seems this renewed interest has led to an increase in demand, which can be seen from the price surge observed over the last 24 hours. Dogecoin (DOGE) has gone up by roughly 4% in the past day and has climbed 7.4% since its weekend low.

Captaining Faibik, a crypto analyst, has bolstered the optimistic mood by noting that Dogecoin’s price is about to surge beyond the upper trendline of a falling wedge pattern. This falling wedge structure has been taking shape since Dogecoin hit a three-year high of $0.4265 on November 14 and started consolidating. Using this technical evaluation, Captain Faibik forecasts that a breakout from the wedge might initiate another surge, potentially propelling Dogecoin’s price by 25% to reach approximately $0.47.

At the time of writing, the Dogecoin price is trading at $0.38.

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2024-11-19 05:10