Dogecoin whales have made a significant move amid the current bullish crypto market, accumulating more than 300 million DOGE, which has sparked investor optimism that the token could reach $0.4 soon.
Recent on-chain data from Whale Alert revealed that these high-value holders withdrew a staggering 311 million DOGE from major exchanges on November 11, indicating strong market confidence in Dogecoin's potential for further gains. Specifically, two whale accounts led these withdrawals: one address transferred 200 million DOGE worth $56.38 million from Binance, while another moved 111 million DOGE valued at $30 million from Robinhood’s trading division.
Adding to the intrigue, an inactive Dogecoin whale became active after approximately 11 years, stirring further interest in the asset. However, notable whale sell-offs were also reported, with 98 million DOGE moved back to Binance and Robinhood. Despite these sell-offs, the accumulation far outweighed the dumps, sustaining a bullish sentiment around Dogecoin.
As of the latest data, Dogecoin’s price has surged to $0.2793, marking a 21% rise in the past 24 hours. The coin's intraday low and high prices fluctuated between $0.2288 and $0.3011, respectively, while its trading volume spiked 222% to $18.6 billion. This increased volume reflects growing interest among traders and supports a positive price outlook.
Further analysis by CoinGape Media shows a substantial increase in holdings from wallets with 100 million to 1 billion DOGE, suggesting renewed market confidence. Additionally, the formation of a “cup and handle” pattern on Dogecoin’s price chart could signal a 53% potential price surge, aligning with the anticipated $0.4 target. Together, these factors point to a potentially significant rally for the meme coin as investor interest and accumulation trends support its bullish momentum.
0 Comments