{"id":32699,"date":"2023-11-17T14:52:45","date_gmt":"2023-11-17T18:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=32699"},"modified":"2023-11-17T14:52:45","modified_gmt":"2023-11-17T18:52:45","slug":"dogecoin-on-the-brink-factors-that-indicate-a-doge-rally-is-just-starting","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/17\/dogecoin-on-the-brink-factors-that-indicate-a-doge-rally-is-just-starting\/","title":{"rendered":"Dogecoin On The Brink: Factors That Indicate A DOGE Rally Is Just Starting"},"content":{"rendered":"

According to on-chain analytics, the next strong Dogecoin rally<\/a> might be closer than we think. The meme token has been giving traders mixed signals for the past month, but signs like on-chain transaction volume and DOGE\u2019s mission to the moon<\/a> are starting to point to the next surge being right around the corner.\u00a0<\/p>\n

Despite the majority of cryptocurrencies being in the red over the past 24 hours as consolidation and modest selloffs continue, Doge has managed to post a gain of 6.87%.\u00a0<\/p>\n

Dogecoin Transaction Volume Spikes<\/h2>\n

Price activity indicates that Dogecoin has gained more than 10%<\/a> over the course of the past week. The cryptocurrency struggled to post gains<\/a> like other popular cryptocurrencies for the most part of October\u2019s rally.\u00a0<\/p>\n

Price data from Coinmarketcap shows the crypto only spiked 19.7% from its October bottom of $0.0579 to end the month at $0.069. However, things changed in early November, as bulls and whales started to inject capital into the cryptocurrency<\/a>. This influx pushed the cryptocurrency over the strong $0.76 support.\u00a0<\/p>\n

According to crypto analyst Rekt Capital, this breakout was the beginning<\/a> of a shift in trend, with a spike to a $0.15 price target now in formation.<\/p>\n

Various on-chain monitors reveal that on-chain transactions have spiked at the same time. According to on-chain analytics platform Santiment, Dogecoin reached a total transaction volume of $665 million yesterday, its highest level in three months. Data from Coinmarketcap also puts the total transaction volume in the past 24 hours at $1.83 billion, an increase of over 240% from the previous day.\u00a0<\/p>\n

#Dogecoin<\/a> has had a modest +5% surge on a mostly flat #crypto<\/a> market day. It has been aided by $665M in #onchain<\/a> transaction volume, its highest level in 3 months. There is also a notable amount of $DOGE<\/a> longs opening as traders bet on prices rising. https:\/\/t.co\/uFgCCIxih0<\/a> pic.twitter.com\/DussxIPJN2<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) November 16, 2023<\/a><\/p>\n

Dogecoin millionaires figures are currently in decline,<\/a> but that has not stopped whale activities as large transactions have spiked in the past week amid greater market pullback. IntoTheBlock\u2019s large on-chain transaction metric shows that DOGE\u2019s large on-chain transactions totaled $1.37 billion in the past 24 hours, a 69% increase from the prior day.<\/p>\n\n

Most of this heightened trading activity can be linked to increasing enthusiasm within the Dogecoin community surrounding robotics company Astrobotic\u2019s launch of a physical Dogecoin<\/a> token to the moon in December. For a token whose price is mostly driven largely by hype and excitement, the anticipation and achievement of this Moon mission could very well start a sustained upward trend for Dogecoin.<\/p>\n

Popular trading platform Robinhood has also been a major factor in this uptick in large transaction volume. A series of large-scale transactions linked to Robinhood started on November 7, when it received a transfer of 250 million DOGE<\/a>, worth approximately $18.9 million at the time. Other notable transfers include a transfer of $10.6 million worth of DOGE from Robinhood to an unknown wallet and a transfer of 690 million DOGE<\/a> between two private wallets.<\/p>\n

According to whale transaction tracker Whale Alerts, 375 million DOGE worth approximately $30.3 million was recently transferred to Robinhood.<\/p>\n

375,000,000 #DOGE<\/a> (30,335,217 USD) transferred from unknown wallet to #Robinhood<\/a>https:\/\/t.co\/g1oWHeGIJN<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) November 17, 2023<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

According to on-chain analytics, the next strong Dogecoin rally<\/a> might be closer than we think. The meme token has been giving traders mixed signals for the past month, but signs like on-chain transaction volume and DOGE\u2019s mission to the moon<\/a> are starting to point to the next surge being right around the corner.\u00a0<\/p>\n

Despite the majority of cryptocurrencies being in the red over the past 24 hours as consolidation and modest selloffs continue, Doge has managed to post a gain of 6.87%.\u00a0<\/p>\n

Dogecoin Transaction Volume Spikes<\/h2>\n

Price activity indicates that Dogecoin has gained more than 10%<\/a> over the course of the past week. The cryptocurrency struggled to post gains<\/a> like other popular cryptocurrencies for the most part of October\u2019s rally.\u00a0<\/p>\n

Price data from Coinmarketcap shows the crypto only spiked 19.7% from its October bottom of $0.0579 to end the month at $0.069. However, things changed in early November, as bulls and whales started to inject capital into the cryptocurrency<\/a>. This influx pushed the cryptocurrency over the strong $0.76 support.\u00a0<\/p>\n

According to crypto analyst Rekt Capital, this breakout was the beginning<\/a> of a shift in trend, with a spike to a $0.15 price target now in formation.<\/p>\n

Various on-chain monitors reveal that on-chain transactions have spiked at the same time. According to on-chain analytics platform Santiment, Dogecoin reached a total transaction volume of $665 million yesterday, its highest level in three months. Data from Coinmarketcap also puts the total transaction volume in the past 24 hours at $1.83 billion, an increase of over 240% from the previous day.\u00a0<\/p>\n

#Dogecoin<\/a> has had a modest +5% surge on a mostly flat #crypto<\/a> market day. It has been aided by $665M in #onchain<\/a> transaction volume, its highest level in 3 months. There is also a notable amount of $DOGE<\/a> longs opening as traders bet on prices rising. https:\/\/t.co\/uFgCCIxih0<\/a> pic.twitter.com\/DussxIPJN2<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) November 16, 2023<\/a><\/p>\n

Dogecoin millionaires figures are currently in decline,<\/a> but that has not stopped whale activities as large transactions have spiked in the past week amid greater market pullback. IntoTheBlock\u2019s large on-chain transaction metric shows that DOGE\u2019s large on-chain transactions totaled $1.37 billion in the past 24 hours, a 69% increase from the prior day.<\/p>\n

Most of this heightened trading activity can be linked to increasing enthusiasm within the Dogecoin community surrounding robotics company Astrobotic\u2019s launch of a physical Dogecoin<\/a> token to the moon in December. For a token whose price is mostly driven largely by hype and excitement, the anticipation and achievement of this Moon mission could very well start a sustained upward trend for Dogecoin.<\/p>\n

Popular trading platform Robinhood has also been a major factor in this uptick in large transaction volume. A series of large-scale transactions linked to Robinhood started on November 7, when it received a transfer of 250 million DOGE<\/a>, worth approximately $18.9 million at the time. Other notable transfers include a transfer of $10.6 million worth of DOGE from Robinhood to an unknown wallet and a transfer of 690 million DOGE<\/a> between two private wallets.<\/p>\n

According to whale transaction tracker Whale Alerts, 375 million DOGE worth approximately $30.3 million was recently transferred to Robinhood.<\/p>\n

375,000,000 #DOGE<\/a> (30,335,217 USD) transferred from unknown wallet to #Robinhood<\/a>https:\/\/t.co\/g1oWHeGIJN<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) November 17, 2023<\/a><\/p>\n

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