762 Million DOGE Registrations as dogecoin Whales Price Reaches $0.1, What’s Next?
Dogecoin, one of the most prominent meme coins traded in the cryptocurrency world, has once again sparked huge optimism among crypto market enthusiasts around the world as its price surged by almost 30% on February 29. Amid this phenomenal rally, information uncovered by blockchain tracker Whale Alert revealed a staggering 761.2 million DOGE on the move, attracting global attention as the token recently surpassed $0.1.
Meanwhile, derivative data on DOGE pointed to a bullish trend in the market, creating bullish sentiment in line with DOGE’s price rise. With a significant amount of new money entering the market, traders and investors seem to be reflecting a sense of confidence in the digital asset, further fueling the rise in Dogecoin.
Doge Whale Transactions Sparked Speculation
According to data released by Whale Alert, two large transactions emerged today, February 29, showing the reshuffling of 761.2 million DOGE. The first transfer showed the transfer of 61.61 million DOGE worth $7.92 million from Binance, one of the leading crypto exchanges. to unknown wallets. The second transfer shows that 699.99 million DOGE worth $89.05 million was moved to binance from unknown wallets.
These transactions sparked speculation as they revealed mixed sentiment among whales, with some selling tokens while others continued to hoard them.
However, Dogecoin’s price increase helped the meme coin move up one spot from 10th to 9th on CoinMarketCap’s global market capitalization list. Although Meme coin has been a slow performer lately, it has gained global attention as it has shown a significant increase in the last few days.
Also Read: Binance (BNB) Launches VIP Programs for Non-Crypto Investors
Dogecoin Price Springs
As of this writing, Dogecoin’s price has increased by a significant 29.88% in the last 24 hours and is currently trading at $0.1288. With a massive 246.27% increase in Memecoin’s trading volume in just 24 hours, DOGE continues to make Waves in the cryptocurrency space.
Analysis by parofix Media suggests that increasing whale accumulations are aiding this bullish momentum. Derivatives data released by Coinglass, indicating a bullish trend, showed an increase of almost 50% in open interest, while volume skyrocketed by 172%.
The OI weighted funding rate increased to 0.1485%, signaling that investors are ready to invest more in DOGE long positions. This increased market optimism for DOGE and aligned with market expectations that prices will increase in the coming period. A potential upcoming partnership with Ferrari appears to be aiding optimism in DOGE’s trajectory, generating bullish sentiments going forward.
Also Read: Bitcoin Rise Continues as US PCE Cools to 2.4% and Fed Likely to Cut Rate in June
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