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.

A large amount of Dogecoin (CRYPTO: DOGE) tokens have been shifted, according to on-chain data shared by popular technical analyst Ali Martinez.

What Happened: In the last 24 hours, a total of 5.8 billion DOGE tokens were moved, as revealed by the data. This marks a significant increase compared to the average daily circulation of 1.67 billion tokens.

The Age Consumed metric, which measures the movement of coins that have been idle for a long time, also saw a substantial rise. 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, indicating that long-term holders are moving their tokens.

The activity of dormant tokens has historically preceded significant price fluctuations in Dogecoin. For instance, 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 suggests that the current increased activity of dormant tokens may indicate 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 hits 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.