Cryptocurrency analytics platform Santiment recently highlighted some positive on-chain developments for popular meme coin Dogecoin (DOGE). With altcoins regaining momentum, data shows DOGE may be gearing up for a resurgence soon.
Source: Santiment – Start using it today
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Older Coins on the Move
According to Santiment, there has been significant movement of older DOGE recently out of stagnant wallets that have been dormant for extended periods. When long-dormant coins suddenly become active, it often signals holders are prepping to take action on future price moves.
New Mega-Whales Accumulating
In addition, Santiment points out that over the past month alone, 121 new Dogecoin wallets holding balances of $1 million or more have emerged. The rapid expansion of these mega-whale wallets illustrates surging institutional and high networth interest in DOGE tokens.
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The combination of aging coins changing hands and major investors ramping up positions illustrates strengthening on-chain fundamentals. As the crypto market sentiment improves, DOGE appears well positioned for a price breakout thanks to robust indicators regarding circulation and accumulation patterns. With altcoins gaining momentum, Dogecoin has solid bullish metrics that could support a prolonged rally if meme coin mania returns. The data merits monitoring DOGE closely at this stage of its market cycle evolution.
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