Large holders saw a surge in activity, with a notable increase in netflow on May 1st, indicating potential market influence.

Dogecoin’s recent activity surge includes a significant increase in trading volume, the creation of 28,000 new addresses 

Dogecoin (DOGE) has recently captured headlines with its remarkable surge in price, showcasing its resilience. After hitting a record high of $0.23, the meme coin experienced a temporary setback, dropping to around $0.12 before swiftly rebounding. As of the latest update, DOGE is trading at $0.159, boasting a 24-hour trading volume of $2.83 billion and a market capitalization of $22.9 billion.

A recent transfer of 150 million Dogecoin tokens from Robinhood to an unknown wallet has caught the attention of market observers. The transaction, valued at over $19.8 million, signifies a substantial movement of assets within the Dogecoin network. This transfer comes amidst heightened volatility for the popular meme cryptocurrency.

150,000,000 #DOGE (19,812,697 USD) transferred from #Robinhood to unknown wallethttps://t.co/QTeZOfR1Vu

— Whale Alert (@whale_alert) May 1, 2024

 Increased Activity from Large Holders

Analysis of Dogecoin’s netflow of large holders reveals a notable surge in activity on May 1st. The netflow, which represents the difference between tokens entering and leaving large holders’ wallets, saw a significant increase, reaching 285.7 million compared to approximately 52.3 million on April 30th. This influx of tokens held by large holders suggests a potential shift in market dynamics and increased influence within the Dogecoin ecosystem.

Despite recent price declines, Dogecoin has experienced a surge in trading volume, according to data from Santiment. On May 1st, the volume surpassed $2 billion, marking a significant rise from previous levels. Although the volume has slightly decreased since then, remaining above $1.7 billion, the uptick in trading activity suggests increased market participation and interest in Dogecoin.

Analysis of Dogecoin’s exchange flow over the past seven days reveals a slightly bullish sentiment among holders. Despite recent price fluctuations, there has been more exchange outflow than inflow, with nearly $237 million worth of DOGE inflow and over $264 million outflow. This indicates confidence among Dogecoin holders, with many choosing to hold onto their assets rather than sell amidst market volatility.

Dogecoin Activity Surges

Dogecoin has recently witnessed a surge in activity, with the number of new addresses spiking significantly. On May 2 alone, a staggering 28,000 new Dogecoin addresses were created, marking a remarkable 102% increase from the monthly low recorded just days prior.

The influx of new addresses indicates renewed interest and engagement within the Dogecoin community. According to on-chain data provided by Santiment, a leading on-chain analytics startup, there has been a 27% increase in non-empty Dogecoin wallets over the past six months. This surge brings the total number of non-empty Dogecoin wallets to 6.6 million, underscoring the cryptocurrency’s growing popularity.

Analyst Predictions Point to Bullish Trajectory

Crypto analyst World Of Charts has recently shared a bullish outlook on DOGE’s future price trajectory. Citing the formation of a Falling Wedge pattern, the analyst suggests that a correction phase may have concluded, paving the way for a potential upward movement.

According to their analysis, DOGE could target a price range between $0.27-$0.30 once the pattern breaks out successfully, indicating the possibility of further gains in the near term. The optimistic forecast from World Of Charts underscores the continued interest and optimism surrounding DOGE within the cryptocurrency market. 

$Doge

Formed Falling Wedge Seems Like Correction Has Already Completed And Finally #Doge Is Ready To Make Higher High Expecting Move Towards 0.27-0.30$ In Case Of Successful Breakout#Crypto pic.twitter.com/ijP5RytDxg

— World Of Charts (@WorldOfCharts1) May 3, 2024

 

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Filed under: Bitcoin - @ May 6, 2024 10:22 am