The post Dormant Dogecoin wallets are now awake – Is something brewing? appeared on BitcoinEthereumNews.com.

Journalist Posted: November 24, 2023 Idle DOGE tokens are now interacting after a long period of no activity. The Dogecoin price may break out of $0.07 soon. Some Dogecoin [DOGE] dormant addresses have suddenly become light sleepers, according to a recent post by on-chain data provider Santiment. Using the Age Consumed metric, Santiment noted that many old wallets have been moving their coins. 🐶 #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 At press time, Dogecoin’s Age Consumed metric had reached 56.97. Spikes in this metric confirm that a large number of tokens have moved after being idle for a long period of time.  Old school wants a share of the trend  Furthermore, it was uncertain why these old coins decided to wake up. However, from AMBCrypto’s previous analysis, the meme has been showing signs of a rally. Combined with its rising network activity, there is a chance that these dormant addresses do not want to be left out of the potential uptick.  However, it seemed that many of these moving coins have not been laid low in terms of usage in transactions. This is because AMBCrypto’s evaluation of one-day DOGE circulation showed that the metric decreased. At the time of writing, the circulation was down to 1.899. In relation to the price action, the decrease in circulation means that DOGE might evade falling to selling pressure. As mentioned earlier, there have been talks of a likely Dogecoin uptrend.  Source: Santiment But the coin has not brought the predictions to reality, changing…

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Filed under: News - @ November 24, 2023 8:20 am