After a turbulent period in the last week, altcoins are on their way up in the previous 24 hours.
Most notably, there was a significant increase in the creation of Dogecoin (DOGE) wallets during the last month that held more than $1 million of the cryptocurrency, with 121 new wallets in total popping up.
In fact, a massive amount of Dogecoins have moved out of stagnant wallets in the last 24 hours. This increase in wallets that hold more than $1 million in DOGE, combined with the spike in activity of dormant holders, is often a sign of a price direction change and ‘a sign of big money interest,’ according to Santiment data on X on November 22.
An influx of wallets that hold $1 million or more in DOGE. Source: Finbold
Additionally, Dogecoin has experienced a substantial uptick in its derivatives volume. The notable surge has significantly impacted the memecoin, with short positions reaching an impressive $718.23 million on November 17. These 24-hour-long positions for DOGE amounted to $627.60 million, establishing a ratio of 53.35% to 46.63%.
DOGE price analysis
DOGE’s price was $0.08 at the time of publication, meaning it had risen approximately 2.17% over the past 24 hours. It experienced a decrease of -2.85% in the previous week, which contrasts with the gains made over the last month’s period, which amounted to 14.15%.
DOGE 24-hour price chart. Source: Finbold
With positive indicators, such as its trading above the 200-day moving average and 18 green days in the previous months, it is no wonder that this digital asset is experiencing a price increase.
However, it is essential to note that it is currently being outperformed by 76% of the top 100 cryptos, as well as its current reduction of -90% from its all-time high.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
