The crypto market has witnessed a notable rally, especially in the altcoin universe, led by the legendary Dogecoin (DOGE).
In a recent observation by cryptocurrency analysis company Santiment, a considerable flow of old Dogecoins has been detected coming from inactive wallets.
🐶 #Altcoins are back in the green today, and data indicates there has been a massive amount of older $DOGE moving out of stagnant wallets today. Keep an eye on this, as well as the fact that 121 new 1M+ #Dogecoin wallets have popped up in the past month. https://t.co/OjXvbTEEf9 pic.twitter.com/zHMyiqBI7c
— Santiment (@santimentfeed) November 22, 2023
This trend is combined with the appearance of 121 new wallets in the last month, each containing more than 1 million of tokens, signaling renewed interest in this meme-inspired cryptocurrency.
Santiment analysts have highlighted that the move of Doge’s from dormant wallets to the active market could indicate a return of old holders or a strategic relocation of funds, suggesting a resurgence in the participation of the memecoin.
THIS ACTIVITY in Doge IS ACCOMPANIED BY THE CREATION OF THESE NUMEROUS LARGE SIZED WALLETS
Something that suggests an increase in the accumulation of Dogecoin by investors with considerable capital or new entities interested in entering the cryptocurrency market.
The highlight of this move is that activity in dormant DOGE’s wallets has reached its highest point since June, which Santiment analysts say could be a significant sign of change in the price trend.
Furthermore, the number of daily active addresses indexed to the token, has seen a notable increase of 87% since the beginning of November, reflecting a significant increase in participation and activity in the cryptocurrency network.
In the last 24 hours, Dogecoin has seen a 1.9% increase in value, rising to $0.07589.
This growth, although moderate, follows an upward trend in line with its performance during the last month, where it registered a notable increase of 17.3%.
Currently, occupies the #9 position in the cryptocurrency market, with a market capitalization of approximately $10.7 Billion, according to CoinMarketCap.
This renewed interest, comes just before the expected December launch of the Dogecoin-backed lunar mission, led by the company Astrobotic.
This partnership with a space initiative could inject even more enthusiasm into the cryptocurrency community and strengthen the overall positive perception around the market.
