Based on these on-chain metrics, is Dogecoin (DOGE) price prime for an upcoming price hike?

Dogecoin, along with the rest of the crypto market, has been up nearly 15% over the past few weeks. Recent data suggests that the OG memecoin is back in the limelight and seems primed for further gains.

Noted crypto analyst Ali Martinez noted a significant increase in DOGE transactions, which topped $100,000 last month and has consistently hit new highs.

The increased activity on the chain has shown more interest from institutional players and whales for the popular meme coin, which could be set for a price appreciation in the near future. ITB data recently rose to 106.1k, a significant increase in the number of active addresses not seen since April this year. The number of new addresses also reached a six-month high of over 61,000 during the same period. The number of transactions on Dogecoin rose to a high of $1.04 million on November 23, further confirming the trend. Meanwhile, a large amount of Dogecoin inactive in old wallets has recently moved, indicating a possible change in the price direction of the asset. This trend of wallets exceeding one million DOGE is increasing, mainly due to increased demand from investors, according to an analysis by Sentiment.

🐶 #Altcoins are back in the green today, with data indicating that a significant amount of $DOGE is leaving wallets. Keep an eye on this as well as the emergence of 121 new 1M+ #Dogecoin wallets in the past month. pic.twitter.com/zHMyiqBI7c

— Santiment (@santimentfeed) November 22, 2023

The on-chain analyst firm also pointed out that a significant increase in the number of older DOGE transfers from dormant wallets was a significant development in the asset market volatility. The growing interest in Dogecoin is evident as Karl-Erich Rinsch, the director of the sci-fi series ‘Conquest' on Netflix invested $4 million of the show's budget in Dogecoin, making a return of $27 million.