Dogecoin Climbs Above $0.075 To 3-Month High, But Metrics Show It’s Far From Done
November 07 2023 - 12:00PM
NEWSBTC
Dogecoin has emerged as one of the clear winners in the last week
after its price climbed over 10% to secure the $0.075 level. This
incredible rally has brought the meme coin to its highest level in
the last three months. However, it may only be getting started as
multiple DOGE metrics continue to exhibit bullishness. Dogecoin
Whales Still In The Game One of the most important metrics that
show how investors are looking at a coin like Dogecoin is what the
large investors are doing. Initially, when the crypto market rally
began and DOGE started to move up, the whale addresses remained
muted without showing too much activity. But that has started to
change with a drastic rise in the whale movements. Related Reading:
Why Ark Invest’s Cathie Wood Picks Bitcoin Over Cash And Gold
According to data from IntoTheBlock, in the last 24 hours, Dogecoin
whales have carried out over $1.48 billion worth of transactions.
This is in stark contrast to last week’s figures coming in at an
average of $600 million in daily transactions by these large
holders. DOGE large transactions climb to $1.48 billion | Source:
IntoTheBlock It means that there has been a more than 100% rise in
daily large transaction volume for Dogecoin, suggesting that the
whales are coming out to play. The spike also began around November
4 which is when the DOGE price had begun moving upward quickly.
This could mean that these whales have been buying large
quantities, leading to a drastic decrease in the available DOGE
supply on the open market. The number of large transactions reached
1,320 on November 6, just 100 transactions shy of the asset’s
October highs. IntoTheBlock also shows a leaning toward bullishness
with more addresses being bullish compared to those which are
bearish. DOGE Volumes Are On The Rise Dogecoin whale transactions
and volumes are not the only Dogecoin metrics that have been on the
rise. The meme coin’s daily trading volume has also exploded during
this time as well, with a 64% increase in a 24-hour period. Daily
trading volume rises | Source: CoinMarketCap This drastic rise has
brought its daily trading volume above $870 million with the
possibility of crossing $1 billion in the coming days. This
exponential rise in daily trading volume indicates rising interest,
especially with the spot buying and selling. Related Reading: Shiba
Inu-Based BONE Eyes $1 As This On-Chain Metric Explodes During this
time, the DOGE profitability has been rising quickly, bringing 53%
of all holders back into profit. This has contributed to the
bullish sentiment of the meme coin and could help to trigger more
capital inflow into Dogecoin as investors try to take advantage of
the price recovery. DOGE price loses footing at $0.075 | Source:
DOGEUSD On Tradingview.com Featured image from StormGain, chart
from Tradingview.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024