As the largest meme coin based on market cap, Dogecoin (DOGE) continues to attract big money based on the proliferation of whale wallets.
Taking on X, formerly Twitter, leading market insight provider Santiment disclosed that the number of new Dogecoin wallets with a balance of more than 1 million DOGE increased by 121 in the past month, signalling big money interest.
Santiment added that Dogecoin was gearing toward a directional price change, given that a massive amount of DOGE was moving from stagnant wallets.
Top analyst Ali Martinez echoed Santiment’s sentiments that Dogecoin was experiencing major interest from whales and institutions since transactions worth more than $100,000 on the network were consistently hitting new all-time highs.
The analyst added that this development showed Dogecoin was eyeing a notable price spike.
Is Dogecoin Eyeing the $0.1 Level?
Heightened whale and institutional interest seem to have played an instrumental role in enabling Dogecoin to exit a tight spot because it was traversing between a major bottom and ceiling.
Martinez highlighted, “Dogecoin is navigating a tight zone, sandwiched by two crucial supplywalls. Support Wall: Spanning $0.072-$0.073, with 200K addresses holding 28.6B DOGE. Resistance Wall: Ranging from $0.074-$0.076, where 124K addresses hold 26.95B DOGE.”
The analyst pointed out that an upward breakout could see the tenth-largest cryptocurrency surge to the $0.1 zone because it was the next major hurdle.
Dogecoin was hovering around $0.097 at press time, according to CoinGecko data.
On the other hand, crypto analyst Kaleo believes that DOGE is destined for greater heights, citing historical trends.
The analysts stipulated that Dogecoin has a tendency to experience significant price surges whenever a movement is initiated.
Meanwhile, a Dogecoin wallet containing 5.4 million DOGE recently awakened, and this raised eyebrows, as reported by ZyCrypto.