Dogecoin Whale Activity Soars As Price Consolidates At $0.16, What’s Next?
Highlights
- Over 150 Dogecoin whale transactions, transacting more that $1 million worth of coins, surfaced over the past day.
- The on-chain activity surge comes despite a consolidation period witnessed by Dogecoin, fueling investor speculations.
- Dogecoin's price tumbled despite the surge in on-chain activities.
In an unprecedented turn of events, Dogecoin whale activity has raised eyebrows across the broader crypto industry, spiking phenomenally in the past 24 hours. According to a post shared by a renowned crypto market analyst, whale transactions of over $1 million in value have risen remarkably. This on-chain activity surge comes amid a consolidation period witnessed by DOGE near the $0.16 price level, stirring a whirlpool of speculations over the coin’s future price trajectory. Let’s delve deeper into the token’s on-chain stats.
Over 150 Whale Transactions Exceeding 1M Coins: Report
In a post shared by the well-known crypto market analyst Ali Martinez, it was highlighted that 151 Dogecoin whale transactions took place in the past 24 hours, with each transaction exceeding $1 million in value. This significant surge in on-chain whale activity has triggered a wave of optimism for the cryptocurrency, underlining the growing confidence in the asset among large-scale investors.
Meanwhile, whale data from Santiment shows that the surge in transactions once again began after June 2, when DOGE dropped to the $0.15 price level. Further, whale activity has continued to rise despite the meme coin’s signs of consolidation. This has led to a variety of interpretations among investors, with some expressing caution. However, the prevailing market sentiment remains optimistic, buoyed by the increased on-chain activity.
A recent report by CoinGape media further highlights a whopping 200 million DOGE accumulation, tilting the balance toward the optimistic side. However, despite the surge in whale activity and accumulation, Dogecoin traded in the red today.
Also Read: GameStop (GME) Stock Price Braces For Fall As 75M Shares Selloff Looms
DOGE Price Slips
As of writing, DOGE price fell 1.54% in the past 24 hours and is currently at $0.1601. The token shows signs of a sideways trading session in the past 24 hours, with its 24-hour bottoms and peaks being $0.1587 and $0.164, respectively. Besides, weekly charts further highlight the token’s consolidatory movement.
Coinglass insights reveal that DOGE’s futures OI dipped 2.73% today, whereas derivatives volume rocketed 20.11%. Reduced investor interest and speculative trading, as flagged by the data, could further be aiding the token’s volatile movement.
Meanwhile, the RSI rested at 50, hinting at the market’s lack of significant buying or selling pressure on the asset. This data has ignited a cyclone of uncertain speculations over Dogecoin’s price action ahead despite the soaring whale activity.
Also Read: Bitcoin Dips After US Job Data Fuels Fed’s Rate-Cut Concerns
- Crypto Market Correction Intensifies As S&P 500, DXY Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Crypto Market Eyes Upside as FTX Set to Repay $1.6B to Customers
- Elon Musk’s X Vows Crackdown on Bribery Network Behind Crypto Scam Accounts
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
