Dogecoin

In the last week, DOGE, alongside other cryptocurrencies, suffered a significant price dip following reports of US enforcement action on the world’s largest exchange, Binance, and the company’s CEO, Changpeng “CZ” Zhao. In particular, DOGE recorded a cumulative price loss of 6.85%, ranking as one of the biggest losers in the last seven days, according to <a href="https://coinmarketcap.com/currencies/dogecoin/" target="_blank" rel="noopener nofollow">data from CoinMarketCap</a>. 
However, there are some positive developments regarding the meme coin, which indicate that investors may soon record a significant price gain. 
<h2 id="strong-doge-record-transactions-worth-over-100-000-price-gain-imminent-strong">DOGE Record Transactions Worth Over $100,000 – Price Gain Imminent?&nbsp;</h2> 
In an<a href="https://x.com/ali_charts/status/1727704876829098382?s=20" target="_blank" rel="noopener nofollow"> X post</a> on November 23, popular crypto analyst Ali Martinez shared that the DOGE market recorded $100,000 in transactions in the past month based on data from In The Block. 
According to Martinez, this development marks a rising interest in DOGE from major institutional players as well as crypto whales, which means the maiden meme coin could be set for a price boost soon. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Dogecoin</a> | There's a notable surge in <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$DOGE</a> transactions exceeding $100,000 in the past month, consistently hitting new highs. 
 This uptick suggests increased interest in <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#DOGE</a> from institutional players and whales, potentially gearing up for a significant price spike. <a href="https://t.co/UpxVkfu9hW" rel="nofollow">pic.twitter.com/UpxVkfu9hW</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1727704876829098382?ref_src=twsrc%5Etfw" rel="nofollow">November 23, 2023</a>
</blockquote> 
Providing more insight into this positive trend in the&nbsp; DOGE market, blockchain analytics firm Santiment <a href="https://x.com/santimentfeed/status/1727394869193421035?s=20" target="_blank" rel="noopener nofollow">reported</a> that 121 new wallets containing over 1 million DOGE have been created in the last month, terming it “a Sign of Big Money Interest.” 
Santiment noted that Dogecoin has also recently recorded its largest spike in activity from dormant wallets, which indicates an incoming reversal of the token’s price trend, which is currently negative.&nbsp; 
<h2 id="strong-behind-doge-s-rise-in-transaction-dogecoin-co-founder-weighs-in-strong">Behind DOGE’s Rise In Transaction – Dogecoin Co-Founder Weighs In&nbsp;</h2> 
In explaining the driving force behind increasing Dogecoin transactions, the token’s founder Billy Markus, with the X username Shibetoshi Nakamoto pointed out the introduction of ordinals and shitcoins. 
This information was revealed in a<a href="https://x.com/BillyM2k/status/1728039768532099402?s=20" target="_blank" rel="noopener nofollow"> separate post on X</a> in response to a crypto enthusiast who highlighted the “parabolic” trend in the number of transactions on the Dogecoin network. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 ordinals and shitcoins using doge blockchain 
 — Shibetoshi Nakamoto (@BillyM2k) <a href="https://twitter.com/BillyM2k/status/1728039768532099402?ref_src=twsrc%5Etfw" rel="nofollow">November 24, 2023</a>
</blockquote> 
DOGE Ordinals, popularly known as “Doginals,” are quite similar to the Bitcoin Ordinals. They are referred to as DRC-20 token standards, which allow users to inscribe information on the smallest individual units of a Dogecoin, i.e., shibes. 
With the DRC-20 standard, DOGE users can now create non-fungible tokens (NFTs) supported by the Dogecoin network. Understandably, this has led to a substantial rise in the transactions on the Dogecoin network. 
While this development marks an increased network adoption, which could attract investors, the increase in transactions is also accompanied by<a href="https://www.newsbtc.com/analysis/xrp/valour-xrp-etp-price-10/" target="_blank" rel="noopener "> high network fees</a>, which may drive away network users.&nbsp; 
At the time of writing, DOGE trades at $0.078 with a 0.4% gain in the 24 hours. Meanwhile, its trading volume is up by 13.20% and valued at $374.16 million. 
<img loading="lazy" decoding="async" class="aligncenter size-large" src="https://www.tradingview.com/x/e8vWf0Qh/" alt="Dogecoin" width="1480" height="893">

Dogecoin (DOGE) Set For Major Price Upswing, Analyst Says

Table of Contents

NewsBTC

Other articles published on Nov 25, 2023

Ark Invest Stacks Robinhood Shares Amid GBTC Offload

OpenAI Vs Sam Altman: all you should know about the tussle that nearly toppled AI

How Does Nano Solve the Dust Issue?

Bitcoin Records New 18 Month High, $40K Target Next?

Pyth Network (PYTH): A Promising Altcoin with Potential for 800% Growth

ECB President Lagarde Stresses Anti-Crypto Stance Amid Son's Crypto Losses

Join our free newsletter for daily crypto updates!