Dogecoin's 'Insane' 165% Growth In November Is 'Just The First Candle,' Traders Speculate

Dogecoin's DOGE/USD strong November performance has given way to a period of consolidation, but traders remain bullish about further upside to come.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.4204	$61.8 Billion	-3.3%	+4.3%
Shiba Inu SHIB/USD	$0.00002926	$17.2 Billion	-6.7%	+14%
Pepe PEPE/USD	$0.00002003	$8.4 Billion	-11.4%	+4.4%

Trader Notes: Crypto trader Bluntz predicts an imminent breakout from Dogecoin's three-week range, expecting a "violent" upside move similar to its previous rally.

when $doge finally breaks this 3 week range the upside move will be violent, just like the last one imo.

tick tock pic.twitter.com/CODsruHtRc

— Bluntz (@Bluntz_Capital) December 1, 2024

Johnny, another prominent trader, described Dogecoin's chart as the healthiest it's been in a while. He predicts that after XRP peaks, traders' focus will shift to Dogecoin.

Meanwhile, trader Tardigrade noted Dogecoin closing at its highest monthly price ever, adding, "the bull rally has just lit its first candle."

Macro investor Raoul Pal labelled Dogecoin's chart "insane" and likened it to a "bananas setup."

Statistics: IntoTheBlock data shows large transaction volume increasing by 41.1% and daily active addresses growing by 34.9%.

Coinglass data reports a spike of 112.8% in Dogecoin Derivatives volume.

According to Whale Alert, over 438 million DOGE were moved in four significant transactions:

• 117.8 million DOGE worth $48.8 million transferred from Binance to an unknown wallet
• 131.8 million DOGE worth $54.1 million shifted from an unknown wallet to Coinbase
• 70 million DOGE worth $30.6 million moved from Robinhood to Coinbase and
• 120 million DOGE worth $50.8 million exchanged between unknown wallets.

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