Dogecoin Whales Wake Up as Old DOGE Move Out of Dormant Wallets Amid Surge of ‘Big Money Interest’

Dogecoin Whales Wake Up as Old DOGE Move Out of Dormant Wallets Amid Surge of ‘Big Money Interest’

Time Stamp: November 23, 2023 10:03 PM
Source Node: 2396946

A “massive amount” of older Dogecoin (DOGE) have been starting to move out of wallets that had been dormant in a sign that the price of the meme-inspired cryptocurrency could soon change direction, even amid a growing trend of wallets with over 1 million OGE growing.

According to on-chain analytics firm Santiment, data from the Dogecoin network has shown the largest spike of older DOGE moving out of dormant wallets, at a time in which 121 new wallets with over one million tokens were created in a single month in a “sign of big money interest.”

The meme-inspired cryptocurrency has failed to keep up with the performance of other major digital assets this year, rising about 8% so far compared to the flagship cryptocurrency Bitcoin, which moved up nearly 125% year-to-date.

As CryptoGlobe reported, Dogecoin futures contracts’ open interest has also recently surged by around 40%,  suggesting there’s heightened risk appetite among traders in a trend that has historically signaled local price peaks in the realm of cryptocurrency markets.

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While a rise in open interest typically signals a bullish sentiment among futures traders, an excessively high or sudden spike can serve as a bearish indicator, hinting at an impending shift in market trends as traders potentially initiate short positions.

Earlier a popular crypto analyst  known by the pseudonym Crypto Tony has predicted on the microblogging platform X (formerly known as Twitter) that DOGE could also see its price surge to around $0.085 from its current level of around $0.077, The analyst noted he believes the “party is about to begin” for meme-inspired cryptocurrencies, which are tokens that are known to benefit from cryptocurrency bull markets.

Back in 2021,  search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

Featured image via Unsplash.

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