Dogecoin Whale Shuffles 600M DOGE As Price Rallies 13%, What’s Next?

In the background of the broader crypto market’s notable price recovery witnessed today, Dogecoin, the market cap-based leader of the meme coins sector, piqued significant investor interest. With its price rallying nearly 13% at press time, reaching the $0.17 level, the token took a bullish stage in the face of recent price corrections.

Amid this substantial rising price action embarked upon by the dog-themed meme token, a whale shuffled colossal amounts of DOGE to another unknown address, raising eyebrows across the global crypto community. Here’s a closer look into whale activity orbiting Dogecoin and the token’s current price action.

600 Mln DOGE On The Move: What’s Happening?

Insights from the on-chain analytics platform Whale Alert have revealed numerous attention-captivating transactions. According to the data, these transactions collectively illustrated a whopping 600 million DOGE, approximately valued at $100 million, shuffled between two unknown wallet addresses.

Per the data, the wallet address DEgDVFa2Do…FhMzs1pMke shifted 600 million DOGE to the address DDuXGMFNGp…MBruc1wwKF in two transactions, each worth 300 million coins. Although these couple of transactions have managed to capture noteworthy attention, it’s worth remembering that the implications and motives of such transfers could be wary.

Upon further digging, it was found that the address …Mke held 31.28 billion DOGE, worth $5.34 billion, per data by Blockchair. Meanwhile, the address …wwKF held 2.23 billion DOGE, worth $382.62 million. The massive holdings of these addresses further add a layer of intrigue to the transactions’ potential motive.

Simultaneously, Dogecoin continued to defy broader market expectations, surging to unprecedented levels.

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Dogecoin Price Rallies 13%

As of writing, Dogecoin’s price noted a phenomenal uptick of 13.08% in the past 24 hours and is currently trading at $0.171. The token’s 24-hour lows and highs are $0.1507 and $0.1725, respectively.

Coinglass data further flagged heightened investor interest in the asset. The derivatives data illustrated DOGE’s OI was up 27.05% to $1.05 billion, further accompanied by a volume upswing of 212.27% to $3.73 billion.

Meanwhile, the RSI hovered at 60, signaling that the token could pump even further before entering overbought territory. This paints a highly bullish scenario for DOGE’s price action ahead.

Additionally, renowned crypto market analyst Ali Martinez reiterated his bullishness on Dogecoin today. The analyst proclaimed that following historical patterns, Dogecoin has again broken out of descending triangle and is readying itself for a bull run. This comment has further instilled hope for DOGE’s future price movements.

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