Dogecoin: Top reasons Why price is pumping

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Whale Shifts $178 Mln Worth DOGE, $0.26 Imminent? – Crypto News

Published

1 year ago

March 27, 2024

Dripp

Dogecoin, the most prominent meme-based cryptocurrency by global market cap, ignited a massive torrent of speculative buzz among traders and investors today, as it noted whale activity worth a staggering $178 million. This remarkable whale transaction, emerging amid DOGE’s price run nearing $0.2, promptly gained significant traction among crypto market enthusiasts globally as market dynamics further sketched a bullish scenario for the meme-cryptocurrency.

Following a broader uptrend due to BTC’s recent pump, DOGE price soared remarkably, mirroring an optimistic market sentiment across the global crypto horizon. Although DOGE traded with some volatility, dropping as low as $0.1754 in the past 24 hours, the meme token continued reflecting bullishness, trading prominently in the green as of press time, per CoinMarketCap’s data.

Dogecoin Whale Transfer Sparks Curiosity

According to the on-chain data spotlighted by the blockchain tracker Whale Alert, slightly more than 1 billion DOGE was shifted between two unknown addresses, showcasing a sense of interest in the asset among whales. The massive amount of tokens shifted, worth $178.18 million, underscored DOGE’s burgeoning market optimism, falling in line with its recent price rally.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,000,005,008 #DOGE (178,185,804 USD) transferred from unknown wallet to unknown wallethttps://t.co/GGgqlLP7T6

— Whale Alert (@whale_alert) March 26, 2024

Meanwhile, as CoinGape Media reported yesterday, Dogecoin witnessed yet another surge in whale activity, showcasing the reshuffling of over 1 billion tokens. This collectively illustrated a heightened sense of interest among whales for DOGE, adding to the meme coin’s bullish take in the broader crypto market. While a tidal wave of optimism orbiting the meme coin’s potential topping of $0.2 again persists, falling in line with DOGE’s present market dynamics.

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Dogecoin Price Soars

As of writing, the Dogecoin token’s price noted a substantial 4% uptick in the past 24 hours and is currently resting at $0.1882. Accompanied by a 3.99% rise in the meme coin’s market cap and a 25.15% surge in the 24-hour trading volume, DOGE took a bullish stage today.

Simultaneously, derivatives data by Coinglass revealed a 6.33% jump in DOGE’s open interest, whereas volume jumped 31.38%. This further propelled the bullishness on Dogecoin, indicating substantial new money entering the market and a notable surge in market activity. Meanwhile, the OI-weighted funding rate also jotted a spike, reaching 0.0599%, contributing to DOGE’s price rally.

In the interim, the technical indicators unveiled a prevailing buying sentiment within the market, with the RSI hovering around 63. This potentially paves the way for further pumps as buying pressure persists, but the token is yet to reach an overbought region.

Concurrently, analysis by CoinGape Media suggested a pattern signaling the recovery of a bullish trend, which could drive this popular meme-based coin to $0.206, followed by $0.26, currently thrives within the market.

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