meme cryptocurrency, Dogecoin (DOGE), could it reach a huge rally soon? Crypto expert Ali Martinez believes that the DOGE token could be close to a considerable price rally soon.
In an analysis shared on November 23, the analyst highlighted the considerable increase in transactions with the Dogecoin cryptocurrency exceeding US$100.000 in October.
Martinez noted that the surge recorded suggests greater interest in the asset, which could precede and propel DOGE towards a significant price increase.
“Dogecoin | There has been a notable increase in $DOGE transactions exceeding $100.000 over the past month, consistently reaching new highs. This increase suggests greater interest in DOGE from institutional players and whales, potentially preparing for a significant price increase,” he wrote.
— Ali (@ali_charts) November 23, 2023
At the time of publication, the price of Dogecoin was quoted at US$0,077326, up 2.2% in the last 24 hours. The cryptocurrency recorded a trading volume of US$418.773.039 during this period. Over the last month, DOGE has seen an impressive price growth of 17.4% in the last 30 days.
It is worth remembering that an analysis of the Santiment platform shared on November 22nd noted the movement of a large amount of older Dogecoin (DOGE) tokens leaving stagnant portfolios. The platform also highlighted that new DOGE whales that hold more than 1 million emerged in October.
“Altcoins are back in the green today, and data indicates there was a large amount of older $DOGE moving out of stagnant wallets today. Keep an eye on this, as well as the fact that 121 new Dogecoin wallets of over 1 million emerged last month,” he wrote.