Dogecoin (DOGE), the largest of the meme coins, has once again captured the attention of institutional investors and large traders, as well as whales. At the time of writing, DOGE has a market value of $10.9 billion and is trading at $0.07691, with an increase of approximately 1% in the last 24 hours. It is suggested that the next target for DOGE could be the $0.1 level.
Throughout the past month, Dogecoin has seen significant increases in trading volume, surpassing $100,000. Crypto analyst Ali Martinez noted that this increase indicates growing interest from institutional investors and whales, and could lead to significant price increases in the short term.
There have been observations of old DOGE being transferred from previously inactive wallet addresses. This could indicate a possible change in the price trajectory of this meme-inspired altcoin. Additionally, the creation of wallet addresses holding over one million DOGE indicates an upward trend, demonstrating the increasing interest of significant investors.
Santiment, a on-chain analysis firm, considers the significant increase in the transfer of old DOGE from inactive wallet addresses to be a noteworthy development in the market dynamics of the altcoin.
The ongoing rally of DOGE could gain further momentum with increased demand from new users, but bulls need to surpass the first resistance level of $0.080 to sustain this upward movement. Global In/Out of the Money (GIOM) data, which classifies existing DOGE investors based on their entry prices, also supports this analysis.
On the other hand, a drop below $0.06 could disrupt the current bullish sentiment. In this case, support may come from the 457,560 wallet addresses that purchased 30.8 billion DOGE at an average price of $0.067. If these investors choose to hold their positions, it could prevent a significant decline in the price of Dogecoin. However, early selling by this group could cause DOGE’s price to drop to $0.06.