Rally

Moon

Dogecoin

Rekt

According to on-chain analytics, the <a href="https://www.newsbtc.com/news/dogecoin/howling-at-the-moon-23000-dogecoin-signal-reawakens/">next strong Dogecoin rally</a> might be closer than we think. The meme token has been giving traders mixed signals for the past month, but signs like on-chain transaction volume and <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-to-the-moon/">DOGE’s mission to the moon</a> are starting to point to the next surge being right around the corner.&nbsp; 
Despite the majority of cryptocurrencies being in the red over the past 24 hours as consolidation and modest selloffs continue, Doge has managed to post a gain of 6.87%.&nbsp; 
<h2 id="dogecoin-transaction-volume-spikes">Dogecoin Transaction Volume Spikes</h2> 
Price activity indicates that Dogecoin <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-begins-climb-key-price-targets-set-following-breakout-from-0-08/">has gained more than 10%</a> over the course of the past week. The cryptocurrency <a href="https://bitcoinist.com/dogecoin-price-elon-musk-doge/" rel="nofollow">struggled to post gains</a> like other popular cryptocurrencies for the most part of October’s rally.&nbsp; 
Price data from Coinmarketcap shows the crypto only spiked 19.7% from its October bottom of $0.0579 to end the month at $0.069. However, things changed in early November, as bulls and whales started to <a href="https://www.newsbtc.com/news/dogecoin/take-off-dogecoin-whales-doge/">inject capital into the cryptocurrency</a>. This influx pushed the cryptocurrency over the strong $0.76 support.&nbsp; 
According to crypto analyst Rekt Capital, this <a href="https://www.newsbtc.com/altcoin/crypto-analyst-confirms-dogecoin-price-breakout-heres-the-target/">breakout was the beginning</a> of a shift in trend, with a spike to a $0.15 price target now in formation. 
Various on-chain monitors reveal that on-chain transactions have spiked at the same time. According to on-chain analytics platform Santiment, Dogecoin reached a total transaction volume of $665 million yesterday, its highest level in three months. Data from Coinmarketcap also puts the total transaction volume in the past 24 hours at $1.83 billion, an increase of over 240% from the previous day.&nbsp; 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f436.png" alt="🐶" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Dogecoin</a> has had a modest +5% surge on a mostly flat <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#crypto</a> market day. It has been aided by $665M in <a href="https://twitter.com/hashtag/onchain?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#onchain</a> transaction volume, its highest level in 3 months. There is also a notable amount of <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$DOGE</a> longs opening as traders bet on prices rising. <a href="https://t.co/uFgCCIxih0" rel="nofollow">https://t.co/uFgCCIxih0</a> <a href="https://t.co/DussxIPJN2" rel="nofollow">pic.twitter.com/DussxIPJN2</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1725280772880564304?ref_src=twsrc%5Etfw" rel="nofollow">November 16, 2023</a>
</blockquote> 
Dogecoin <a href="https://bitcoinist.com/dogecoin-millionaires-dying-breed/" rel="nofollow">millionaires figures are currently in decline,</a> but that has not stopped whale activities as large transactions have spiked in the past week amid greater market pullback. IntoTheBlock’s large on-chain transaction metric shows that DOGE’s large on-chain transactions totaled $1.37 billion in the past 24 hours, a 69% increase from the prior day. 
<img loading="lazy" decoding="async" class="size-medium wp-image-561162 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Dogecoin-3.png?w=460&amp;resize=460%2C252" alt="Dogecoin" width="460" height="252" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Dogecoin-3.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/11/Dogecoin-3.png?w=460&amp;resize=460%2C252 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
Most of this heightened trading activity can be linked to increasing enthusiasm within the Dogecoin community surrounding robotics company Astrobotic’s <a href="https://bitcoinist.com/dogecoin-to-the-moon-mission-confirmed/" rel="nofollow">launch of a physical Dogecoin</a> token to the moon in December. For a token whose price is mostly driven largely by hype and excitement, the anticipation and achievement of this Moon mission could very well start a sustained upward trend for Dogecoin. 
Popular trading platform Robinhood has also been a major factor in this uptick in large transaction volume. A series of large-scale transactions linked to Robinhood started on November 7, when it received a <a href="https://x.com/whale_alert/status/1721685832921198845?s=20" rel="nofollow">transfer of 250 million DOGE</a>, worth approximately $18.9 million at the time. Other notable transfers include a transfer of $10.6 million worth of DOGE from Robinhood to an unknown wallet and a <a href="https://x.com/whale_alert/status/1724621606738080217?s=20" rel="nofollow">transfer of 690 million DOGE</a> between two private wallets. 
According to whale transaction tracker Whale Alerts, 375 million DOGE worth approximately $30.3 million was recently transferred to Robinhood. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 375,000,000 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#DOGE</a> (30,335,217 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Robinhood</a><a href="https://t.co/g1oWHeGIJN" rel="nofollow">https://t.co/g1oWHeGIJN</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1725361197183058019?ref_src=twsrc%5Etfw" rel="nofollow">November 17, 2023</a>
</blockquote> 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/5mJfTLYT/" alt="Dogecoin price chart from Tradingview.com" width="2650" height="1742">

Dogecoin On The Brink: Factors That Indicate A DOGE Rally Is Just Starting

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