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


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 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.