Dogecoin Whales Accumulate 400M DOGE, Indicating Bullish Outlook
Since May 30, Dogecoin (DOGE) whales have been on a buying spree, acquiring a staggering 400 million DOGE, in addition to the 700 million purchased earlier that same day. This surge in whale activity has sparked excitement among crypto investors, who are hopeful for a potential upward trend despite recent price dips. The current price of DOGE stands at $0.1573, representing a 2.56% decrease.
Renowned crypto analyst, Ali Martinez, took to X (formerly Twitter) to shed light on the significant accumulation of DOGE by whales. This recent purchase, valued at $63.56 million at the current price, demonstrates the strong confidence major investors have in the meme coin.
This wave of whale activity aligns with a broader trend of investors gravitating towards meme coins. As of June 4, DOGE’s daily trading volume has surged by over 10%, reaching $840 million, which starkly contrasts with the previous seven-day high. However, despite increased activity, Dogecoin has struggled to maintain its position above key moving averages.
Recent market updates indicate that traders are diverting their attention to high-beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE). These tokens are currently ranked among the top 10 in terms of open interest, with Shiba Inu and Pepe witnessing notable gains in recent days.
Investors are positioning themselves in anticipation of a price surge for DOGE. Although it has lagged behind other top meme coins in the past week, current trends suggest that Dogecoin may soon experience a significant run.
According to the 24-hour price chart, if the present trend continues, DOGE could potentially rise to $0.1765. On the flip side, failing to maintain a position above $0.1521 could trigger a decline, potentially dropping the price to $0.1287.
At the time of writing, Dogecoin’s price has experienced a 2.11% decline, resting at $0.1588, with a market cap of $22.95 billion. Despite the recent dip, DOGE has witnessed a year-to-date increase of approximately 78%. Additionally, CoinGlass derivatives data reveals that Dogecoin Futures Open Interest has decreased by 2.55% to $918.95 million.
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