- Dormant Dogecoin tokens surged as 5.8 billion DOGE moved in 24 hours, sparking a rise in the Age Consumed metric.
- Analysts predict Dogecoin may see a significant price rally, with targets ranging from $0.48 to $3 as market momentum builds.
Dormant Dogecoin (DOGE) tokens have woken up, as 5.8 billion tokens were moved in the last 24 hours. This was revealed by on-chain data shared by popular technical analyst Ali Martinez.
This significant increase is in line with a significant increase in Dogecoin’s Age Consumed metric, which measures the movement of coins that have been idle for a long time. According to Martinez, there are two key indicators: a drastic spike in the Age Consumed metric and an increase in daily readership. The Age Consumed metric has also increased, meaning that previously inactive DOGE was transferred as long-term holders are moving their tokens.
Also, Dogecoin’s daily circulation rose from an average of 1.67 billion tokens to 5.8 billion tokens per day. This surge reflects heightened activity and interest in the cryptocurrency.
Historically, the increase in the activity of dormant tokens has often preceded significant price fluctuations in Dogecoin. In the first week of November, the Age Consumed metric was low, and daily circulating DOGE tokens were less than 1 billion.
Following the price surge of DOGE in the second week of November, the Age Consumed metric saw a significant rise, with more than 5 billion DOGE tokens in circulation. This pattern implies that the current increased activity of dormant tokens may mean that there is a price rally around the corner.
The transfer of billions of DOGE tokens could be attributed to different market factors such as whales taking profit, portfolio adjustment, or future events. According to market analysts these movements could be heralding a change in prices in the market. As Bitcoin hit new all-time highs and then stabilized after several days of price increase, altcoins and meme coins, including Dogecoin, usually see their biggest growth and fluctuations.
Various cryptocurrency experts have analyzed dogecoin prices in the coming period as the bullish trend continues. Bitcoin analyst “Crow” expects DOGE to break new multi-year high after bouncing from $0.36. In these particular price levels, he expects the first hike to $0.48, consolidation, and then the second jump towards $0.52 before targeting $0.66.
Likewise, the Cantonese Cat pointed out that Dogecoin could be about to surge past its all-time high of $0.74, using charts from 2021 as a reference. Other experts, including Crypto Scofield, believe that the bullish pressure of Dogecoin is even stronger than that of November, and the coin might reach $3 in the near future.
In related developments, Arkham Intelligence has announced the integration of Dogecoin into its analytics platform. This adds a layer of on-chain technical analysis tools to Dogecoin’s user base, who before now had nowhere near the ability to analyze the 11-year-old blockchain of the currency. Some of the features that Arkham offers its users include the ability to see Dogecoin blockchain activity; tracking of transactions; data filtering; and alerting.
The integration increases Arkham’s supported networks to 16, thus allowing Dogecoin users to track specific wallet transactions and watch addresses related to exchanges, funds, and persons of interest.
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