TLDR
- Dogecoin price surged 6.9% in 24 hours, reaching $0.1764
- Whales invested additional $149M in DOGE over last 24 hours
- Large holder inflow increased from 3.08M to 861M DOGE
- Social dominance and active addresses hit multi-month highs
- Technical analysts predict potential rise to $0.22 in short term
Dogecoin (DOGE) has experienced a notable price increase, climbing 6.9% in the past 24 hours to reach $0.1764, according to recent market data.
The movement comes as whale investors injected an additional $149 million into the cryptocurrency over the same period.
The popular meme cryptocurrency has shown strong performance over a longer timeframe, recording a 27.8% gain over the past week and a 50.9% increase over two weeks.
These gains align with broader market movements, particularly Bitcoin’s trajectory.
Data from IntoTheBlock (ITB) reveals a surge in large holder inflow, jumping from 3.08 million to 861 million DOGE within a 24-hour period.
This dramatic increase in whale activity suggests growing confidence among major investors in the asset’s potential.
The cryptocurrency’s correlation with Bitcoin currently stands at 0.94 or 94%, according to ITB metrics. This high correlation indicates that Dogecoin’s price movements closely mirror those of Bitcoin, the market’s leading cryptocurrency.
On-chain metrics from Santiment show multiple positive indicators for Dogecoin. Social dominance has reached an 8-month peak, indicating increased public interest and discussion around the cryptocurrency.
The platform’s data also shows that both active and daily active addresses have hit a 2-week high, suggesting an influx of new users into the Dogecoin ecosystem. This growth in user activity often precedes price movements.
The network-to-volume transaction ratio has achieved a six-month high, indicating that investors are currently valuing DOGE at a premium compared to recent months.
Technical analysis reveals that Dogecoin has broken past its first resistance level and is now facing a second barrier. The next major price target sits at $0.22, representing a potential 29% increase from current levels.
Market observers note that the cryptocurrency’s 30-day realized cap has exceeded its 365-day realized cap, a pattern that historically precedes price increases. This metric suggests new holders are entering the market.
Trading volume has seen a marked increase, with large transactions reaching a 6-month high. This surge in trading activity indicates strong market participation from institutional and whale investors.
The current price of $0.1764 represents a key level for traders, with support established at $0.142. A drop below this level could trigger increased selling pressure and push the price toward the $0.105 support zone.
Risk factors remain present in the market, as sudden price movements could lead to increased volatility. The $0.22 resistance level poses a particular challenge, having previously acted as a strong barrier to upward movement.
The upcoming U.S. election has emerged as a potential factor in market movements, with some analysts suggesting it could impact cryptocurrency prices in the near term. However, the direct correlation remains unclear.
