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Dogecoin Surge

Dogecoin and the entire crypto market have seen a significant surge of nearly 15% in recent weeks. Data suggests that the original memecoin is back in the spotlight and poised for further gains.

Increased On-Chain Activity

  • A notable surge in Doge transactions, exceeding $100,000 in the past month, indicates increased interest from institutional players and whales, potentially leading to price appreciation.
  • ITB’s data shows notable spikes in active addresses, reaching 106.1k, a level not seen since April, as well as hitting a six-month high of more than 61k.
  • The number of transactions on Dogecoin surged to $1.04 million on November 23rd, confirming the trend.
  • A significant amount of inactive Dogecoin in older wallets was moved recently, signaling a potential change in price direction.

Investor Interest

  • There is additional evidence of increased investor interest, as indicated by a rising trend of wallets with holdings exceeding one million Doge.
  • The on-chain analytics firm also noted a significant increase in the transfer of older Doge from dormant wallets, impacting the market dynamics of the asset.

Celebrity Investment

Carl Erik Rinsch, director of the Netflix series ‘Conquest,’ reportedly invested $4 million from the show’s budget in Dogecoin, resulting in a $27 million return.

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By Team