As events develop unexpectedly, huge dogecoin whales appear to have become active. This development has garnered widespread attention in the crypto community. With nearly 1 billion DOGE changing hands in the last 24 hours, the whales’ move towards $0.2 has created great excitement among global crypto market watchers. This increased speculation on future price movements.
At the same time, remarkably, the market dynamics around Dogecoin have created an uptrend on the world’s largest meme-based token by global market cap. wider cryptocurrency This situation, which occurred in the midst of an upward trend in the market, caused more speculation.
Dogecoin Whales on the Move
According to blockchain tracking platform Whale Alert, 1.08 billion DOGE changed hands in six large transactions in the last 24 hours. Three of these transactions showed savings from a famous trading platform like Robinhood, while the rest showed large dumps to the same exchange.
In total, these savings amounted to 437.14 million DOGE, while a large amount of 650 million coins were transferred to Robinhood. However, despite the supply increases resulting from these dumps, the price of DOGE continued to trend upwards. This uptrend of Dogecoin seems to be under the influence of a number of bullish market dynamics.
DOGE Price Movement
At the time of writing, DOGE’s price has increased significantly by 4.23% in the last 24 hours. Additionally, it is currently trading at $0.1809. With a significant increase of 4.28% in market cap and a 5.90% increase in 24-hour trading volume, meme coin It is on the rise today.
Derivatives data from Coinglass also contributed to this rise, showing an OI weighted funding rate of 0.0529% with open interest increasing by 4.10%. This indicates that investors are investing more in long positions and the flow of money to the derivatives market is increasing.
RSI is around 61, indicating that buying pressure continues in the market. He notes that since the overbought zone has not yet been reached, the token is potentially trending further upside. This causes speculation about future rises.
A recent analysis shows that Dogecoin’s price is holding above three key bull market indicators: the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA. This formation reinforces the upward trend. Additionally, it encourages investors to take longer positions in DOGE. He also notes that if the buying pressure continues, the token could potentially reach the $0.02 level, contributing to this year’s much-anticipated crypto market bull run.
You can access current market movements here.
