Dormant Dogecoin Resurgence: Old Wallets Awake
An analysis from a crypto research firm has highlighted a notable movement in previously inactive Dogecoin tokens, indicating their emergence after a prolonged dormancy.
Recent data uncovers a surge in the presence of significant DOGE investors, often referred to as ‘whales.’ Within the last month, a staggering 121 new wallets have been identified, each holding over 1 million Dogecoins.
🐶 #Altcoins are back in the green today, and data indicates there has been a massive amount of older $DOGE moving out of stagnant wallets today. Keep an eye on this, as well as the fact that 121 new 1M+ #Dogecoin wallets have popped up in the past month. https://t.co/OjXvbTEEf9 pic.twitter.com/zHMyiqBI7c
— Santiment (@santimentfeed) November 22, 2023
Santiment, a respected analytical firm, pointed out a substantial transfer of older DOGE from stagnant wallets today, interpreting it as a significant indicator of heightened interest from major investors.
Adding to this, prominent crypto trader and analyst Tony, known as “The Bull,” has identified a technical pattern in Dogecoin’s price movement, potentially signaling an imminent upswing for this meme-based cryptocurrency.
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Tony observed the occurrence of the one-month Parabolic Stop and Reverse (SAR) indicator in DOGE’s trajectory, noting its historical connection to a previous 23,000% surge in value.
In Tony’s words on X, “This canine is poised for action. #Dogecoin hits the 1M Parabolic SAR. The last instance sparked a DOGE rally of 23,000%.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
