dogecoin Whales Carried 330 Million Coins, Will DOGE Price Rise Continue?
In a fascinating turn of events witnessed by some of the top cryptocurrencies including BTC, ETH, SOL and XRP, Dogecoin sparked a frenzy in the broader crypto market and rebounded remarkably unlike the previous market. against the downtrend. Amid this significant pumping recorded by the world’s most famous cryptocurrency, massive whale activity in the DOGE orbit is hovering over the crypto horizon and attracting investors’ attention.
Approximately 330 million DOGE in motion have created bullish Waves across the vast crypto sea, with Dogecoin’s price increase falling further in line with the token’s upward trend, as indicated by on-chain market dynamics. This phenomenon collectively attracted the attention of investors in the global crypto world and fueled optimistic market movements in DOGE.
Dogecoin On-Chain Whale Activity Spirals
According to the information revealed by the blockchain tracking platform Whale Alert, 333.1 million DOGE was shifted in the last 24 hours. This came about as a result of two large transactions, one showcasing the dump and the other showing DOGE accumulated from Robinhood, a famous American trading services platform.
The first transaction showed 250 million tokens worth $49.49 million transferred to Robinhood by an unknown address, while the second transaction revealed 83.10 million DOGE deposited by an unknown address from the same exchange. This fueled speculation that there was mixed sentiment towards the asset among whales, although the usual market sentiment reflected a growing sense of interest in Dogecoin among whales.
Meanwhile, as parofix Media previously reported, nearly 2 billion DOGE has been reshuffled in the past few days, garnering significant attention in the global crypto world. The meme coin sparkled with optimism today as this increase in whale activity in DOGE’s orbit was accompanied by a bullish trend in the broader crypto market.
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Dogecoin Price Rising
As of this writing, the price of the Dogecoin token has increased significantly by 8.25% in the last 24 hours and is currently trading at $0.1999. Notably, the token broke the much-anticipated $0.2 barrier again today, contributing to the meme coin’s bullish stance in the market.
Simultaneously, Coinglass’s data revealed a significant increase of 17.14% in the token’s open interest, while volume increased by 54.37%. While this signaled increased interest and participation among traders and investors, the OI-weighted funding rate also jumped to $0.0726, fueling the token’s rise. Coupled with the RSI drifting through the 67 mark, DOGE showcases the potential for further gains. There may be room for additional pumps as the token has not yet entered the overbought zone.
Meanwhile, famous crypto market analyst Rekt Capital drew attention to the upward price movements of Dogecoin. Memecoin successfully retested a long-term downtrend and then rallied 55%. This led to a bullish outlook for DOGE and was accompanied by another bullish market trend.
Following the rise recorded by DOGE, the token formed a bullish chart pattern called Bull Flag. Interestingly, the price rose above this flag, indicating that this uptrend could potentially continue. As Meme coin continues to retest the top of the Bull Flag as the new support level, investors continue to speculate about future pumps on hopes of high gains. As market dynamics increase optimism about the token, crypto market enthusiasts are intensely monitoring the token’s imminent price rises.
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