{"id":33180,"date":"2023-11-25T15:54:14","date_gmt":"2023-11-25T19:54:14","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33180"},"modified":"2023-11-25T15:54:14","modified_gmt":"2023-11-25T19:54:14","slug":"dogecoin-doge-set-for-major-price-upswing-analyst-says","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/25\/dogecoin-doge-set-for-major-price-upswing-analyst-says\/","title":{"rendered":"Dogecoin (DOGE) Set For Major Price Upswing, Analyst Says"},"content":{"rendered":"

In the last week, DOGE, alongside other cryptocurrencies, suffered a significant price dip following reports of US enforcement action on the world\u2019s largest exchange, Binance, and the company\u2019s CEO, Changpeng \u201cCZ\u201d Zhao. In particular, DOGE recorded a cumulative price loss of 6.85%, ranking as one of the biggest losers in the last seven days, according to data from CoinMarketCap<\/a>.<\/p>\n

However, there are some positive developments regarding the meme coin, which indicate that investors may soon record a significant price gain.<\/p>\n

DOGE Record Transactions Worth Over $100,000 \u2013 Price Gain Imminent?\u00a0<\/strong><\/h2>\n

In an X post<\/a> on November 23, popular crypto analyst Ali Martinez shared that the DOGE market recorded $100,000 in transactions in the past month based on data from In The Block.<\/p>\n

According to Martinez, this development marks a rising interest in DOGE from major institutional players as well as crypto whales, which means the maiden meme coin could be set for a price boost soon.<\/p>\n

#Dogecoin<\/a> | There’s a notable surge in $DOGE<\/a> transactions exceeding $100,000 in the past month, consistently hitting new highs.<\/p>\n

This uptick suggests increased interest in #DOGE<\/a> from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com\/UpxVkfu9hW<\/a><\/p>\n

\u2014 Ali (@ali_charts) November 23, 2023<\/a><\/p>\n\n

Providing more insight into this positive trend in the\u00a0 DOGE market, blockchain analytics firm Santiment reported<\/a> that 121 new wallets containing over 1 million DOGE have been created in the last month, terming it \u201ca Sign of Big Money Interest.\u201d<\/p>\n

Santiment noted that Dogecoin has also recently recorded its largest spike in activity from dormant wallets, which indicates an incoming reversal of the token\u2019s price trend, which is currently negative.\u00a0<\/p>\n

Behind DOGE\u2019s Rise In Transaction \u2013 Dogecoin Co-Founder Weighs In\u00a0<\/strong><\/h2>\n

In explaining the driving force behind increasing Dogecoin transactions, the token\u2019s founder Billy Markus, with the X username Shibetoshi Nakamoto pointed out the introduction of ordinals and shitcoins.<\/p>\n

This information was revealed in a separate post on X<\/a> in response to a crypto enthusiast who highlighted the \u201cparabolic\u201d trend in the number of transactions on the Dogecoin network.<\/p>\n

ordinals and shitcoins using doge blockchain<\/p>\n

\u2014 Shibetoshi Nakamoto (@BillyM2k) November 24, 2023<\/a><\/p>\n\n

DOGE Ordinals, popularly known as \u201cDoginals,\u201d are quite similar to the Bitcoin Ordinals. They are referred to as DRC-20 token standards, which allow users to inscribe information on the smallest individual units of a Dogecoin, i.e., shibes.<\/p>\n

With the DRC-20 standard, DOGE users can now create non-fungible tokens (NFTs) supported by the Dogecoin network. Understandably, this has led to a substantial rise in the transactions on the Dogecoin network.<\/p>\n

While this development marks an increased network adoption, which could attract investors, the increase in transactions is also accompanied by high network fees<\/a>, which may drive away network users.\u00a0<\/p>\n

At the time of writing, DOGE trades at $0.078 with a 0.4% gain in the 24 hours. Meanwhile, its trading volume is up by 13.20% and valued at $374.16 million.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In the last week, DOGE, alongside other cryptocurrencies, suffered a significant price dip following reports of US enforcement action on the world\u2019s largest exchange, Binance, and the company\u2019s CEO, Changpeng \u201cCZ\u201d Zhao. In particular, DOGE recorded a cumulative price loss of 6.85%, ranking as one of the biggest losers in the last seven days, according to data from CoinMarketCap<\/a>.<\/p>\n

However, there are some positive developments regarding the meme coin, which indicate that investors may soon record a significant price gain.<\/p>\n

DOGE Record Transactions Worth Over $100,000 \u2013 Price Gain Imminent?\u00a0<\/strong><\/h2>\n

In an X post<\/a> on November 23, popular crypto analyst Ali Martinez shared that the DOGE market recorded $100,000 in transactions in the past month based on data from In The Block.<\/p>\n

According to Martinez, this development marks a rising interest in DOGE from major institutional players as well as crypto whales, which means the maiden meme coin could be set for a price boost soon.<\/p>\n

#Dogecoin<\/a> | There’s a notable surge in $DOGE<\/a> transactions exceeding $100,000 in the past month, consistently hitting new highs.<\/p>\n

This uptick suggests increased interest in #DOGE<\/a> from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com\/UpxVkfu9hW<\/a><\/p>\n

\u2014 Ali (@ali_charts) November 23, 2023<\/a><\/p>\n

Providing more insight into this positive trend in the\u00a0 DOGE market, blockchain analytics firm Santiment reported<\/a> that 121 new wallets containing over 1 million DOGE have been created in the last month, terming it \u201ca Sign of Big Money Interest.\u201d<\/p>\n

Santiment noted that Dogecoin has also recently recorded its largest spike in activity from dormant wallets, which indicates an incoming reversal of the token\u2019s price trend, which is currently negative.\u00a0<\/p>\n

Behind DOGE\u2019s Rise In Transaction \u2013 Dogecoin Co-Founder Weighs In\u00a0<\/strong><\/h2>\n

In explaining the driving force behind increasing Dogecoin transactions, the token\u2019s founder Billy Markus, with the X username Shibetoshi Nakamoto pointed out the introduction of ordinals and shitcoins.<\/p>\n

This information was revealed in a separate post on X<\/a> in response to a crypto enthusiast who highlighted the \u201cparabolic\u201d trend in the number of transactions on the Dogecoin network.<\/p>\n

ordinals and shitcoins using doge blockchain<\/p>\n

\u2014 Shibetoshi Nakamoto (@BillyM2k) November 24, 2023<\/a><\/p>\n

DOGE Ordinals, popularly known as \u201cDoginals,\u201d are quite similar to the Bitcoin Ordinals. They are referred to as DRC-20 token standards, which allow users to inscribe information on the smallest individual units of a Dogecoin, i.e., shibes.<\/p>\n

With the DRC-20 standard, DOGE users can now create non-fungible tokens (NFTs) supported by the Dogecoin network. Understandably, this has led to a substantial rise in the transactions on the Dogecoin network.<\/p>\n

While this development marks an increased network adoption, which could attract investors, the increase in transactions is also accompanied by high network fees<\/a>, which may drive away network users.\u00a0<\/p>\n

At the time of writing, DOGE trades at $0.078 with a 0.4% gain in the 24 hours. Meanwhile, its trading volume is up by 13.20% and valued at $374.16 million.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-33180","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=33180"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33180\/revisions"}],"predecessor-version":[{"id":33186,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33180\/revisions\/33186"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33180"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}