On-chain analysis suggests a potential rally in Dogecoin (DOGE) due to a surge in transaction volume, indicating heightened investor activity and demand. 📈 Over the past 48 hours, DOGE trading volume spiked from 1.22 billion to 9.20 billion DOGE. Moreover, the uptick in the Consumed Coin Age metric suggests that a significant portion of DOGE has remained dormant for an extended period, potentially affecting short-term market dynamics. ⏳
While current MVRV rates remain low, the increase in Large Transactions suggests growing interest from whales and institutional players in DOGE. 🐳 Given the influential role of whales in market trends, their activity hints at a possible upward trajectory for Dogecoin.
Technical analysis further supports this outlook, with Dogecoin approaching the $0.181 resistance level. A successful breakthrough could propel DOGE towards its next target at $0.279, representing a potential 52% increase. 🚀 Such movements are likely to attract existing investors and pave the way for new entrants into the market. 🌟
