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Crypto analyst Ali Martinez believes that Dogecoin DOGE/USD may be on the brink of a price rally.
What Happened: Martinez pointed to the escalating number of Dogecoin transactions valued above $100,000 as an indicator of mounting interest from whales.
"There's a notable surge in DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs, Martinez said on X. He suggested that this activity is a clue that key market participants are taking positions in anticipation of notable market movements. This uptick suggests increased interest in DOGE from institutional players and whales, potentially gearing up for a significant price spike."
#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.
This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW Ali (@ali_charts) November 23, 2023
Earlier in November, Martinez expressed optimism about Dogecoin's breakout from a multi-year descending triangle on the DOGE weekly chart. According to the analyst, this breakout, along with a buy signal from the TD Sequential indicator, reinforces the bullish outlook for DOGE.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meanwhile, Santiment, a crypto analytical firm reported a shift involving dormant Dogecoin tokens, which are seeing the light of day after a lengthy period of inactivity.
The shift in Dogecoin's landscape comes as data reveals an expansion in the number of large-scale DOGE investors or whales,' with the addition of 121 new wallets holding over 1 million Dogecoin each in just the past month. "There has been a massive amount of older DOGE moving out of stagnant wallets today," noted Santiment.
Photo via Shutterstock
Price Action: At the time of writing, DOGE was trading at $0.077, up 1.11% in the last 24 hours according to Benzinga Pro.
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