Dogecoin Whales Have Moved Over 1 Billion DOGE in the Last 24 Hours.
These whale transactions, displaying accumulations and dumps in hand, spark speculation.
Dogecoin’s value soars, getting close to $0.2.
Massive Dogecoin whales are on the move, garnering much interest in the cryptocurrency community, in an exciting development. With about 1 billion DOGE traded in the last day, the whales’ move, which coincided with DOGE’s movement approaching $0.2, caused a global frenzy among fans of the cryptocurrency market and sparked conjectures about potential changes in the future of price action as it demonstrated accumulations and dumps in the short term.
Intriguingly, however, Dogecoin’s market dynamics gave rise to a bullish push for the largest meme-based token in the world by market capitalization. This event sparked further conjecture because it appeared during the overall uptrend in the cryptocurrency market.
A Closer Look at Dogecoin Whales on the Move
Based on the information provided by the blockchain tracker Whale Alert, six massive transactions totalling 1.08 billion DOGE were made on the last day. Three of these transactions showed accumulations from the well-known trading platform Robinhood, while the other two showed massive dumping to the same exchange.
437.14 million DOGE had been accumulated, while an astounding 650 million coins had been deposited into Robinhood. Nevertheless, DOGE’s price continued to rise, in contrast to the supply increases of these dumps. Numerous favourable market fundamentals support Dogecoin’s increasing trajectory.
Dogecoin Price Increases
As of this writing, Dogecoin is trading at $0.1809, having experienced a significant 4.23% increase in price during the previous day. The 24-hour trading volume of the dog-based meme token increased by 5.90%, while the market cap saw a noteworthy increase of 4.28%. This indicated that the token’s outlook is positive.
Coinglass’s derivatives statistics reinforced this optimism, indicating a 0.0529% increase in the OI-weighted funding rate, backed by a 4.10% rise in open interest. This indicated that investors were more willing to take on longer positions and that the derivatives market was receiving an influx of capital.
The market still experiences purchasing pressure and hasn’t reached an overbought region yet. With the RSI hovering around 61, it suggests the token may undergo additional pumps. All of this generates conjecture about future pumps.
As for DOGE, recent research by Coinweber Media showed that the cryptocurrency price held above three important bull market indicators: the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA. This further suggested a bullish future for DOGE. As previously indicated, this pattern supports the bullish outlook and urges traders to increase their exposure by taking more long bets in DOGE. Furthermore, the coin may set itself up for $0.02 if buying pressure remains strong, boosting market confidence amid this year’s much-anticipated crypto market bull run.
