Dogecoin, currently the eighth largest cryptocurrency, has experienced a notable surge in whale activity. Over the past day, there has been a significant increase in transactions valued at over one million dollars.
Whale Accumulation and Strategic Movements
Data from blockchain analytics platforms reveals that over 150 high-value transactions, each exceeding one million dollars, have been reported in the last 24 hours. This surge suggests that major holders, or “whales,” are either accumulating more DOGE or moving large amounts of the cryptocurrency for strategic purposes.
Institutional Interest and Market Impact
According to Santiment, the rise in such transactions indicates growing institutional interest in cryptocurrencies, including Dogecoin. Institutions typically enter the market with substantial capital, resulting in large transaction volumes. Whales might be positioning themselves for anticipated price movements, either upwards or downwards, based on market analysis or upcoming news.
Dogecoin Price Movement
As of the time of writing, Dogecoin’s price has decreased by 1.38% over the past 24 hours, settling at $0.161. Dogecoin has remained above the 50-day simple moving average (SMA) of $0.1547 since late May, indicating strong demand around this level.
Read more Dogecoin Shows Significant Signs of Life with Surging Trading Volume
If this trend continues, Dogecoin could surpass the short-term barrier of $0.174, a key level to watch. Breaking through this resistance could propel Dogecoin to $0.21, and potentially to $0.23. Conversely, if the price falls from the current level or the 50-day SMA, it could trigger short-term selling. A drop below the 50-day SMA might reverse the short-term trend, potentially sending Dogecoin down to $0.14.
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