In a captivating turn of events, amidst a backdrop witnessed by some of the top cryptocurrencies, including BTC, ETH, SOL, and XRP, among many others, Dogecoin echoed a sense of frenzy across the broader crypto market, rallying remarkably in contrast to the wider downtrend. Amid this substantial pump noted by the world’s most renowned cryptocurrency, enormous whale activity orbiting DOGE hovers over the crypto horizon, piquing significant investor attention.
Nearly 330 million DOGE on the move, coming in tandem with Dogecoin’s price rally, curated bullish waves across the vast sea of crypto as it further fell in line with the token’s uptrend, as pointed out by on-chain market dynamics. This phenomenon collectively nabbed significant investor attention across the global crypto realm, fueling optimistic market torrents on DOGE.
Dogecoin On-Chain Whale Activity Spirals
According to the insights revealed by Whale Alert, a blockchain tracking platform, 333.1 million DOGE was shifted in the past 24 hours. This comes as a result of two massive transactions, one showcasing dump while the other accumulated DOGE from Robinhood, a renowned American trading services platform.
The first transaction illustrated 250 million coins, worth $49.49 million, transferred by an unknown address to Robinhood, whereas the second transaction revealed 83.10 million DOGE accumulated by an unknown address from the same exchange. This stirred speculations over a mixed sentiment among whales for the asset, although usual market sentiments reflected a growing sense of interest among whales in Dogecoin.
Meanwhile, as CoinGape Media reported earlier, nearly 2 billion DOGE have been reshuffled over the past few days, garnering noteworthy attention across the global crypto landscape. With this surge in whale activity orbiting DOGE, further accompanied by a bullish take within the broader crypto market, the meme coin sparkled with optimism today.
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Dogecoin Price Soars
As of writing, the Dogecoin token’s price noted a substantial 8.25% surge in the past 24 hours and is currently trading at $0.1999. Notably, the token surpassed the much-awaited $0.2 mark again today, adding to the meme coin’s bullish stance in the market.
Simultaneously, Coinglass‘ data revealed a substantial 17.14% jump in the token’s open interest, whereas volume rocketed 54.37%. This signaled growing interest and participation among traders and investors, while the OI-weighted funding rate also sprung to $0.0726, adding to the token’s bullishness. Coupled with the RSI drifting along the 67 mark, DOGE showcases the potential for further gains. As the token is yet to enter an overbought territory, there may be room for additional pumps.
Meanwhile, a renowned crypto market analyst, Rekt Capital, spotlighted Dogecoin’s bullish price movements. The meme coin successfully retested a long-term downtrend and subsequently rallied 55% to the upside. This painted a bullish outlook for DOGE, further accompanied by another bullish market trend.
Followed by the upside noted by DOGE, the token formed a bullish chart pattern, Bull Flag. Intriguingly, the price broke out above this flag, hinting at a potential continuation of this uptrend. While the meme coin continues to retest the top of the Bull Flag as its new support level, investors are left on their toes speculating about future pumps with high hopes of gains. As market dynamics further fuel optimism on the token, crypto market enthusiasts extensively eye the token for imminent price rallies.
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