Dogecoin Whales Shuffle Over 1 Bln DOGE As Price Nears $0.2, What’s Next?

In an intriguing turn of events, massive Dogecoin whales appear to be on the move, nabbing significant attention across the crypto universe. With nearly 1 billion DOGE shifted in the past 24 hours, the whales’ move, coming in tandem with DOGE’s movement nearing $0.2, reverberated a craze among crypto market enthusiasts globally, stirring speculations over future price action shifts as it illustrated accumulations and dumps in hand.

Meanwhile, intriguingly, the market dynamics surrounding Dogecoin infused a bullish dash on the world’s largest meme-based token by global market cap. This phenomenon, emerging amid the broader cryptocurrency market uptrend, ignited further speculations.

Dogecoin Whales On The Move: A Closer Look

According to the insights revealed by the blockchain tracker Whale Alert, 1.08 billion DOGE was shifted via six colossal transactions in the past 24 hours. Three of these transactions showcased accumulations from Robinhood, a renowned trading platform, whereas the remaining showcased enormous dumps to the same exchange.

Accumulations totaled 437.14 million DOGE, whereas a staggering 650 million coins were dumped into Robinhood. However, DOGE’s price maintained an upward trajectory, contrasting the supply gains resulting from these dumps. This upward trajectory taken by Dogecoin appears to be sitting atop a plethora of bullish market dynamics.

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Dogecoin Price Springs

As of writing, Dogecoin’s price noted a substantial 4.23% upswing over the past 24 hours and is currently trading at $0.1809. With a notable 4.28% jump in the market cap, accompanied by a 5.90% jump in the 24-hour trading volume, the dog-based meme token took a bullish stand today.

Derivatives data by Coinglass added to this bullishness, showcasing an increased OI-weighted funding rate of 0.0529%, escorted by an open interest surge of 4.10%. This signaled increased readiness among investors to invest more in long positions and money inflow in the derivatives market.

The RSI, hovering near 61, hinted that the token potentially embraces for further pumps as an overbought territory is not yet achieved, while the buying pressure in the market prevails. This collectively stirs speculations over further pumps ahead.

Meanwhile, a recent analysis by CoinGape Media additionally illustrated an optimistic outlook for DOGE as its price held above three key bull market indicators: the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA. This pattern reinforces the bullish outlook and encourages traders to seek exposure by taking more long positions in DOGE, as also mentioned above. Further, if buying pressure continues to prevail, the token could potentially pave its path for $0.02 ahead, adding to the market optimism amid this year’s much anticipated crypto market bull run.

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