2023-11-28 15:45 |
Dogecoin has been making waves with its remarkable price performance over the past month. The largest meme cryptocurrency by market capitalization managed to surge to $0.087 last Friday, reaching its highest level since April. And despite experiencing a slight pullback to around $0.071, it is now making a strong comeback to reclaim the $0.087 local top.
Notably, apart from its intrinsic popularity in the crypto community, Dogecoin’s rebound can be attributed to surging institutional interest, even as major U.S. firms push for the approval of a spot Bitcoin ETF.
Crypto analyst Ali Martinez recently highlighted a chart from crypto analytics firm IntoTheBlock showing a substantial increase in Dogecoin transactions exceeding $100,000 over the past month. As per the pundit, this consistent surge in large transactions suggests growing interest from institutional players and large-scale investors, potentially leading to a significant price spike for Dogecoin in the near future.
Further on Friday, “The Doge Whisperer” reported that Dogecoin had once again surpassed Bitcoin in daily transactions, processing over 1 million transactions within a 24-hour period. This milestone underscores Dogecoin’s active use and popularity in crypto, fostering optimism among its supporters.
However, institutions aside, Dogecoin’s creator Billy Markus, popularly known as ‘Shibetoshi Nakamoto’ on X, proposed that the predominant cause of the spike in transactions might be the active utilization of the Dogecoin chain for transferring Ordinals and s-coins. Within the Dogecoin community, DOGE Ordinals are commonly referred to as “Doginals,” they are established through the newly introduced DRC-20 token standard on the Dogecoin chain. Users can generate cryptocurrency tokens and NFTs on this blockchain.
Elsewhere, according to data from Santiment, whales or holders of 1 million to 1 billion DOGE tokens have consistently increased their holdings throughout October and November, aligning with Dogecoin’s upward price trajectory. This accumulation by large investors, known for their risk aversion, signals a vote of confidence in Dogecoin. The involvement of institutional investors not only adds legitimacy to Dogecoin but also has the potential to attract a broader investor base, further solidifying its market position.
That said, while the cryptocurrency market remains inherently volatile, the increasing interest from institutional investors augurs well for Dogecoin’s long-term prospects. At press time, Dogecoin traded at $0.79, reflecting a recent 1.57% upsurge over the past 24 hours. Notably, the Shiba Inu competitor has gained just over 9% over the past month.
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