Advertisement
AD

Main navigation

Ancient Dogecoin (DOGE) Whales Waking Up: Price to Rally?

Advertisement
Thu, 23/11/2023 - 9:39
Ancient Dogecoin (DOGE) Whales Waking Up: Price to Rally?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The first meme-inspired cryptocurrency, Dogecoin (DOGE), has recently shown signs that could excite the crypto community — ancient Dogecoin whales are stirring. The data is revealing: a significant number of dormant DOGE coins have been on the move, and a swarm of new mega-wallets has emerged. Today, we saw a massive movement of DOGE from stagnant wallets, a phenomenon that historically has precipitated notable price movements.

Advertisement

Moreover, the creation of 121 new wallets, each holding over one million DOGE, within the past month alone, indicates growing interest from big-money players. This surge in activity could potentially lead to increased liquidity and volatility on the DOGE market.

The Dogecoin/USDT price chart offers additional insights. DOGE has been trending upward after a prolonged period of consolidation, with price action now testing a significant resistance level. This level has previously acted as a barrier to upward movements, but the increased activity and new wallet formations hint at the potential for a breakout.

Related
Dogecoin (DOGE) Soars 10% as It Targets Higher Increase

Speculation abounds that Elon Musk's intent to establish a payment system on X (formerly known as Twitter) could further galvanize DOGE's value. As one of Dogecoin's most notable proponents, Musk's influence has historically led to price surges, and any integration of DOGE into a larger platform could serve as a catalyst for another rally.

However, it is crucial to acknowledge that outside of its use as a payment method and its cultural clout as a meme, Dogecoin lacks a substantive use case. Its utility in the broader blockchain ecosystem remains limited, which may impact its long-term value proposition.

Will Dogecoin rally as it has in previous years? The chart patterns, combined with a significant uptick in whale activity, suggest a favorable short-term outlook. The RSI is not indicating an overbought scenario, which leaves room for upward momentum. If the cryptocurrency can break through the current resistance level, there is a possibility for a rally similar to those seen in Dogecoin's storied past.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles