In the last week, DOGE, along with other cryptocurrencies, suffered a significant price drop following reports of enforcement actions by the United States on the world’s largest exchange, Binance, and the company’s CEO Changpeng “CZ ”Zhao. Notably, DOGE recorded a cumulative price loss of 6.85%, ranking as one of the biggest losers in the last seven days, according to CoinMarketCap data.
However, there are some positive developments regarding the meme coin, indicating that investors could soon record a significant price gain.
Record DOGE Transactions Worth Over $100,000: Price Surge Imminent?
in a x publication On November 23, popular crypto analyst Ali Martinez shared that the DOGE market recorded $100,000 in transactions in the last month according to data from In The Block.
According to Martínez, this development marks a growing interest in DOGE from major institutional players as well as crypto whales, meaning the inaugural meme coin could see a price increase soon.
#Dogecoin | There is a notable increase in $DOGE transactions exceeding $100,000 in the last month, constantly reaching new highs.
This rebound suggests greater interest in #DOGE from institutional players and whales, potentially preparing for a significant price increase. pic.twitter.com/UpxVkfu9hW
—Ali (@ali_charts) November 23, 2023
Providing more information on this positive trend in the DOGE market, blockchain analysis firm Santiment reported that in the last month 121 new wallets containing more than 1 million DOGE were created, calling it “a sign of great monetary interest.”
Santiment noted that Dogecoin also recently recorded its largest increase in inactive wallet activity, indicating an incoming reversal of the token’s price trend, which is currently negative.
Behind the surge in DOGE transactions: Dogecoin co-founder weighs in
Explaining the driving force behind the rise of Dogecoin transactions, the token’s founder, Billy Markus, under the username X, Shibetoshi Nakamoto, pointed to the introduction of ordinals and shits.
This information was revealed in a separate post in X in response to a cryptocurrency enthusiast who highlighted the “parabolic” trend in the number of transactions on the Dogecoin network.
ordinals and shit using doge blockchain
—Shibetoshi Nakamoto (@BillyM2k) November 24, 2023
DOGE Ordinals, popularly known as “Doginals”, are quite similar to bitcoin Ordinals. These are known as DRC-20 token standards, which allow users to inscribe information into the smallest individual units of a Dogecoin, i.e. shibes.
With the DRC-20 standard, DOGE users can now create non-fungible tokens (NFTs) backed by the Dogecoin network. Understandably, this has led to a substantial increase in transactions on the Dogecoin network.
While this development marks increased network adoption, which could attract investors, the increase in transactions is also accompanied by high network fees, which may scare users away from the network.
At the time of writing, DOGE is trading at $0.078 with a 0.4% gain over 24 hours. Meanwhile, its trading volume increased by 13.20% and is valued at $374.16 million.
DOGE trading at $0.0775 on the daily chart | Source: DOGEUSDT chart on Tradingview.com
Featured image of PYMNTS, Tradingview chart