Dogecoin Transactions Surge, Indicating Increased Interest from Institutional Players and Whales

According to CryptoPotato, Dogecoin has experienced a significant increase in transactions, surpassing $100,000 in the past month and consistently hitting new highs. This uptick in on-chain activity suggests an increased interest in the popular meme coin from institutional players and whales, potentially gearing up for a price appreciation in the near future. ITB's data revealed notable spikes in the number of active addresses, which recently spiked to 106.1k, a level not seen since April this year. The new address count also hit a six-month high of more than 61k during the same period. The number of transactions on Dogecoin surged to a whopping $1.04 million on November 23rd, further validating the trend. Meanwhile, a significant amount of Dogecoin that has been inactive in older wallets was recently moved, signaling a possible change in the price direction of the asset. This coincided with a rising trend of wallets with holdings exceeding one million DOGE, which essentially indicated an increased interest from investors, according to an analysis by Santiment. The on-chain analytics firm further pointed out that the noteworthy increase in the transfer of older DOGE from dormant wallets is a significant development in the market dynamics of the asset. The increased interest in Dogecoin is evident, as Carl Erik Rinsch, the director of the sci-fi series 'Conquest' on Netflix, reportedly invested $4 million from the show's budget in Dogecoin, resulting in a $27 million return.