Dogecoin (DOGE) regains upside stance as stagnant whales resurface

November 23, 2023 03:11 AM PST | By Invezz

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Dogecoin (DOGE) regains upside stance as stagnant whales resurface — Image source: Invezz

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Meme token Dogecoin (DOGE) exhibits a recovery stance, and its latest actions likely excite cryptocurrency enthusiasts. Invezz.com reported DOGE’s bullish comeback as the token cleared a 12-month-long resistance.

The dog-themed asset has maintained its optimism, and Santiment shows that dormant Dogecoin whales have woken up lately, moving a significant amount of coins.

Massive asset movements by large-scale crypto investors generally catalyze massive price actions. The meme coin could be poised for impressive rallies. Also, Dogecoin witnessed over 120 wallets (each holding +1 million tokens) created over the previous 30 days alone, confirming surging interest from whale traders.

Meanwhile, the DOGE/USDT chart shows the altcoin maintained uptrends following prolonged consolidation. Dogecoin tests a robust hurdle that previously prevented continued uptrends. However, new wallets joining the scene amid increased activity suggest possible breakouts for the dog-themed cryptocurrency.

DOGE’s daily active addresses (DAA) have increased since early November, up 87%, confirming surged network activity and potential bullishness for the altcoin.

#Dogecoin's daily active addresses surged by an astonishing 87% since early November, marking a significant spike in network activity amidst the recent #bullish rally. 🚀#crypto #cryptocurrecy #bullrun #Binance #Bitcoin #Blockchain #doge #dogecoin #cryptonews #Twitter
— Coinbackyard (@coinbackyard) November 23, 2023

Dogecoin price

DOGE changed hands at $0.07626, following a 2.71% increase over the past day. The asset’s current outlook reflects ongoing upticks in the crypto market.

Most digital coins have recorded notable daily increases as Bitcoin adopted an upside outlook. BTC trades at $37,492.11 following a 2.31% 24-hour uptick. Continued surges by the dominant crypto will support uptrends in the altcoin market, backing DOGE’s expected rally.

Market players trust the digital coin marketplace will witness solid recoveries despite ongoing unpredictability.

70.35% of Bitcoin supply inactive for over a year, showing strong holder confidence despite market challenges.
— Whale | Dinobet.io (@WhaleChart) November 23, 2023

More than 70% of Bitcoin’s total supply has been inactive for over twelve months, suggesting holder confidence about potential rallies.

The post Dogecoin (DOGE) regains upside stance as stagnant whales resurface appeared first on Invezz

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