On-chain analysis suggests a potential rally in Dogecoin (DOGE) due to a surge in transaction volume, indicating heightened investor activity and demand. ๐ 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. โณ
While current MVRV rates remain low, the increase in Large Transactions suggests growing interest from whales and institutional players in DOGE. ๐ณ 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. ๐ Such movements are likely to attract existing investors and pave the way for new entrants into the market. ๐
