Despite not rallying as hard as other altcoins in the cryptocurrency market, Dogecoin is still gaining traction among retail investors. These retail investors have placed large buy orders on the open markets, which has undone the selling pressure of the past few days.
Dogecoin buy orders outpace sell orders.
In an interesting turn of events, Dogecoin buyers are becoming the dominant players in meme coins. This shift in dominance is evidenced by order book data from top exchanges, which show very large buying walls compared to sellers.
IntoTheBlock’s Exchange-Onchain Market Depth page shows that there are far more Dogecoin bidders than askers. The numbers for this are sellers who currently have orders worth 318.8 million DOGE at an average asking price of $0.095544.
Source: IntoTheBlock
In contrast, buy orders outpace sellers by 444.28 million DOGE, with open bid orders averaging $09.95508. This means that demand for Dogecoin on the open market is currently up to 125.48 million DOGE.
This is a significant increase from the previous day’s figures, when buyers outpaced sellers by 61 million DOGE. This shows that demand for Dogecoin is still very high and a single catalyst could set it off towards new 2023 highs.
DOGE price holds $0.096 as buy bids rise | Source: DOGEUSD On Tradingview.com
DOGE whales come out to play
Retail investors aren’t the only ones looking to take advantage of Dogecoin’s potential price recovery. IntoTheBlock’s massive transaction data also indicates that large DOGE whales are waking up from their slumber and starting to join the party.
Between Sunday, December 10th and Monday, December 11th, there was an increase in the number of large transactions performed on the network. These large trades are those involving at least $100,000. The total number of large transactions sent during this period increased from 1,460 to 1,780, representing a 20% increase in large transactions. This increase in large transactions increased large transaction volume from $1.35 billion to $1.62 billion.
This increase in retail purchase bids, coupled with a large increase in trading volume, paints a very optimistic picture for the Dogecoin price. If historical performance holds, DOGE could see a delayed rally that could see the price finally break above $0.15.
Currently, the meme coin is still facing significant resistance at $0.1, where there has been massive selling and multiple rejections. However, if DOGE can overcome this level and turn it into support, the bulls will regain complete control.