Dogecoin price eyes recovery as whales scoop up DOGE
- DOGE transactions exceeding $100,000 climbed significantly in November, when compared to last month.
- The rising interest in DOGE is likely from institutional investors and whales, priming Dogecoin for a price recovery.
- DOGE could erase its weekly decline and make a comeback to the $0.087 local top.
The largest Shiba-Inu-themed meme coin in the crypto ecosystem has observed a spike in large volume transactions exceeding $100,000. Institutions and large wallet investors have likely fueled demand for DOGE throughout November.
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DOGE large volume transactions see notable spike in November
Based on data from crypto intelligence tracker IntoTheBlock, there is a notable surge in DOGE transactions, exceeding $100,000 in November. DOGE price rallied alongside the increase in large volume transactions in DOGE. In DOGE’s uptrend, the rising activity can be considered a sign of further gains in DOGE.
DOGE large volume transactions and price
Large volume transactions in November, exceeded those seen in October, as presented in the Santiment chart below.
 [13.00.01, 25 Nov, 2023]-638364956956118648.png)
Whale transactions $100,000 or higher in DOGE
Whales scoop of DOGE tokens
Since the beginning of October, whales in three segments, holders of 1 million to 1 billion DOGE tokens, consistently added to their holdings throughout October and November 2023. The consistent accumulation and DOGE’s price rise, fuel a bullish thesis for the meme coin’s recovery.
 [12.51.33, 25 Nov, 2023]-638364956304893813.png)
DOGE whale accumulation and price
DOGE price is $0.0787 at the time of writing. The meme coin noted a correction over the past week, price declined nearly 9%. A recovery in DOGE could erase recent losses and push the meme coin towards its bullish target of $0.087, the local top seen on November 17.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
