Dogecoin (DOGE), the eighth largest cryptocurrency, is seeing a significant increase in whale activity. In the last day, a significant increase in transactions of 1 million dollars was observed.
Dogecoin (DOGE), the eighth largest cryptocurrency, is seeing a significant increase in whale activity. In the last day, a significant increase in transactions of 1 million dollars was observed.
The recent increase in these types of transactions for Dogecoin suggests that large holders are accumulating more DOGE or moving substantial amounts of the cryptocurrency for other strategic purposes.
Data from blockchain analysis platforms show that in the last 24 hours, these high-value transactions have been reported, totaling more than 150, for amounts of more than $1 million.
According to cryptanalyst Ali, who cited Santiment data, “Dogecoin whale activity is increasing. Over 150 DOGE transactions have been recorded in the last 24 hours, each exceeding $1 million.”
Growing institutional interest in cryptocurrencies, including Dogecoin, could be contributing to the rise in large transactions. Institutions entering the market often do so with substantial capital, generating large transaction volumes.
Tomiwabold OlajideWhales could be positioning themselves for anticipated price movements, either up or down, depending on market analysis or news.
Dogecoin price action
At the time of writing, Dogecoin was down 1.38% in the last 24 hours to $0.161. Dogecoin has remained above the 50-day SMA of $0.1547 since late May, indicating strong demand near this level.
If this trend continues, Dogecoin may break the short-term barrier of $0.174, which is a crucial mark to watch. If buyers overcome this barrier, Dogecoin could rise to $0.21 and then $0.23.
Tomiwabold OlajideOn the contrary, if the price falls from the current level or the daily SMA 50, it may induce short-term selling. A break below the 50-day SMA could reverse the near-term trend, sending Dogecoin to $0.14.
