2023-11-24 13:00 |
Dogecoin analysts have spotted an intriguing on-chain trend that signals potential institutional and whale accumulation. According to trusted Twitter crypto expert Ali, transactions exceeding $100,000 in value have seen substantial month-on-month growth to reach consistent new highs lately.
Intensified Large Transactions
As Ali highlights, these outsized $100,000+ Dogecoin transfers predominantly represent movements by larger players like crypto hedge funds or high-net-worth individuals. Therefore, their swelling volume indicates amplified buy-side interest likely in anticipation of a significant upside.
Essentially, hot money is flowing into Dogecoin from entities known to spark price rallies when allocating capital at scale. If these deep-pocketed investors expect Dogecoin to break higher, it greatly bolsters the probability of an imminent surge.
Timing The Next Leg Up
Of course, on-chain analytics provide insights on investor intent rather than concrete directional outlooks. But stacking these data-driven signals paints a compelling picture of ripening conditions prime for Dogecoin’s next major markup.
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7 Ways Chainlink (LINK) Solves Inefficiencies and Fraud Issues in the $30 Trillion Global Trade Industry Kaspa, Render Network, Dione, and These 7 Cryptos Are the Most Promising Projects in the World – Expert Ali Martinez Bullish Outlook on Ethereum – Traders Pick TRON and Everlodge for High ROIIf demand continues ascending while availability constricts, basic economics suggests overdue price discovery becomes inevitable. With Dogecoin already consolidating around key support, its technical posture looks geared for a high-conviction liftoff once the pockets of whale accumulation translate into actual exchange inflows.
For Doge believers, these early rumblings on-chain may crystallize into a deafening blastoff in short order.CopyRetry
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The post Dogecoin’s Price Rise Imminent as This On-Chain Metric Becomes Increasingly Bullish appeared first on CaptainAltcoin.
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