Dogecoin: Whales' 1.8 Bln DOGE Move Ignites Uproar As Price Rallies, What's Next?

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Whales’ 1.8 Bln DOGE Move Ignites Uproar As Price Rallies, What’s Next? – Crypto News

Published

1 year ago

March 29, 2024

Dripp

In a riveting storyline twist, Dogecoin, the largest meme cryptocurrency by global market cap, noted remarkable gains over the past few days, garnering immense bullishness across the crypto market. Amid this bullish take illustrated by the dog-based meme token, substantial whale activity recorded over the past 24 hours reverberated a craze among crypto market enthusiasts globally.

Over one and a half billion coins on the move, as DOGE topped $0.21, promptly fueled speculations over the meme token’s price action ahead. Meanwhile, a stream of inferences followed as the market anticipated over Dogecoin’s potential to scale the $1 mark ahead, with market dynamics further adding a splash of enigma to the token.

The Dogecoin Whale Saga: A Swift Sensation

According to the insights revealed by the blockchain tracker Whale Alert, 1.77 billion DOGE was shifted over the past 24 hours, coming as a monumental event as DOGE’s price rallied remarkably, topping the $0.21 mark. Although these transactions showcased dumps and accumulations in hand, rising on-chain whale activity recorded over the past few days stirred a hurricane of speculations among crypto market traders and investors.

CoinGape Media reported that over 2 Bln DOGE coins were recorded to be shifted over the past few days. This comes in tandem with DOGE’s remarkable price rally, showcasing a weekly surge of 28.61%, escorted by a monthly rally of 63.77%.

Aligning with this, a leading crypto market analyst spotlighted massive DOGE purchases, worth 1.40 billion DOGE, over the past two weeks. This further added a beam of bullishness to the token, showcasing an increased sense of confidence in whales surrounding DOGE.

#Dogecoin whales have purchased 1.40 billion $DOGE over the past two weeks, worth around $280 million! pic.twitter.com/zswuyRpuLG

— Ali (@ali_charts) March 29, 2024

However, even with an uptrend and burgeoning accumulations surfacing in the market, as showcased by derivatives data and whale data, the technical indicators for the meme coin birthed speculations over an imminent correctory phase.

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Dogecoin Price Soars

As of writing, the Dogecoin price noted a substantial uptick of 5.79% over the past 24 hours and is currently trading at $0.2118. Followed by a 6.10% increase in the token’s market cap and a 17.35% surge in the 24 hour trading volume, the meme token took a bullish stage today.

Coinglass‘ data unveiled a substantial 9.95% surge in DOGE’s open interest, whereas volume rocketed 14.96%, portraying an uptrend in the market when aligned with today’s price action.

However, with the RSI hovering at around 70, although Dogecoin reflects signs of a strong bullish trend, traders exercise caution as the asset may be overbought and due for a potential correction or a period of consolidation.

Nonetheless, as spotlighted by CoinGape Media’s analysis, if the DOGE token manages to break above the critical resistance of $0.23, it potentially paves the road for further gains to $0.3 and, eventually, the much-awaited $1 mark ahead.

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