Dogecoin Celebrates DOGE Day – Will it Drive the Price to a New 2023 Peak? 

CRYPTO_NEWS DOGE

The Dogecoin (DOGE) price is up 20% over the last 10 days as the pioneer memecoin community prepared the 2023 “DOGE Day” – the commemoration of the birthday of “Kabosu,” the dog who inspired the original “doge” meme. Historical data trends suggest that DOGE prices could make another leg-up in the days ahead.  The Dogecoin ecosystem is agog as the community celebrates the birthday of “Kabosu,” the Japanese dog who inspired the original “doge” meme. 

 

Whales Increased Their Trading Activity During 2022 DOGE Day Celebrations Historical data trends show that the Dogecoin whales dialed up their trading activity in the build-up to the last Doge Day celebration in 2022. On-chain data tracker IntoTheBlock reports that DOGE Whale transactions increased from 711 to 3,170 transactions between October 24 to November 1. 

 

This represents a 445% increase in whales’ trading activity during that period.  Interestingly, a similar trend has also emerged ahead of the 2023 DOGE day. Between October 24 and November 1, large transactions increased from 790 transactions to 1,090. Dogecoin (DOGE) Large Transactions.  

 

Whale Transaction Count is the daily aggregate of the number of unique transactions exceeding $100,000. Intuitively, an increase in whale transactions is a bullish indicator, signaling increased demand from high-networth investors.  

 

Notably, the 2022 DOGE Day celebration ushered in a 100% price bounce from $0.060 to $0.12. If history repeats, DOGE holders can anticipate more upside in the days ahead.  

 

Miners Have Joined the Memecoin Accumulation Wave Over the last two months, Dogecoin miners embarked on a selling frenzy which saw them cut their reserves to an all-time low. However, as the November 2 DOGE day celebrations drew close, on-chain data showed that the Miners changed their disposition.  

 

Between October 25 and November 1, the miners accumulated 40 million DOGE, as depicted in the chart below.  Dogecoin (DOGE) Miners’ Reserves vs. Price. 

 

Miners Reserves tracks real-time changes in balances held by recognized node validators and mining pools. The 40 million DOGE accumulated by the miners over the past week is worth approximately $2.8 million at the current market prices.  

 

This is indicative of the bullish momentum growing within the Dogecoin ecosystem. When miners accumulate their block rewards, it reduces selling pressure in the spot markets and puts upward pressure on prices.  

 

The abovementioned on-chain stats show that the bullish sentiment surrounding the DOGE day celebrations could increase the price.  

 

The Global In/Out of the Money data, which is an on-chain representation of current Dogecoin holders’ historical buying trends, also confirms this prediction. It shows that the $0.08 area is the most significant resistance above the currency Dogecoin price.  

 

As depicted below, 577,890 addresses had bought 60,39 billion DOGE at the maximum price of $0.081. If they exit their positions early, this could set off an instant Dogecoin price correction. But if the whales keep buying Dogecoin, the price rally could reach $0.10, as observed during the 2022 DOGE Day celebrations. 

 

Alternatively, the bears could invalidate that prediction if the DOGE price dips below the $0.050 mark. But in that case, the initial support wall around $0.066 will likely stand firm. The chart above shows that 162,040 addresses currently hold 12.3 billion DOGE bought at the maximum price of $0.86 If they keep HODLing, they will likely prevent a major DOGE price reversal.

 

Source : BeInCrypto / November 2, 2023

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