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Dogecoin Whale Activity Surges Amid $0.16 Price Consolidation

Dogecoin Whale Activity Surges Amid $0.16 Price Consolidation

Over the last day, the extraordinary surge in Dogecoin whale activity has caused concern in the larger cryptocurrency community. In a post, a well-known cryptocurrency market expert stated that whale transactions worth more than $1 million have increased noticeably. This spike in on-chain activity coincides with a consolidation phase that has been observing close to the $0.16 price level, sparking a flurry of conjecture over the coin’s potential future price path. Let’s examine the token’s on-chain statistics in more detail.

150+ Whale Transactions Worth More Than $1 Million Coins: Report

Well-known cryptocurrency market analyst Ali Martinez revealed in a post that 151 Dogecoin whale transactions surpassing $1 million in value occurred in the last 24 hours. This notable increase in on-chain whale activity has sparked a wave of excitement for the cryptocurrency, highlighting the growing trust that large-scale investors have in the asset.

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Meanwhile, Sentiments whale data indicates that the spike in transactions started again after DOGE’s June 2 price decline to $0.15. Moreover, whale activity has increased despite the meme coin’s consolidation signals. Investors’ views of this have varied, with some advising caution. However, the general market sentiment is still bullish, given the increased on-chain activity.

The activity of DOGE Whales

A recent report by CoinGape Media highlights a massive 200 million DOGE accumulation, which tips the scales in favor of optimism. Dogecoin, however, saw negative trading today despite the spike in whale activity and accumulation.

Price Slips for DOGE

As of this writing, the price has decreased by 1.54% over the previous day and is now $0.1601. The coin has shown indications of a sideways trading session throughout the last day, peaking at $0.164 and bottoming out at $0.1587. Weekly charts also show the token’s consolidating trend in more detail.

According to Coinglass analytics, derivatives volume surged 20.11% today while DOGE’s futures OI fell 2.73%. The data also suggests speculative trading and decreased investor interest may contribute to the token’s fluctuating movement.

The RSI, however, was around 50, indicating that there wasn’t much buying or selling pressure on the asset in the market. Despite the increasing whale activity, this data has created a chain reaction of speculative speculation regarding Dogecoin’s future price movement.

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