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Cryptocurrency News Articles
Dogecoin (DOGE) Whales Scoop Up 1.4 Million DOGE, Triggering Possibilities of a Bullish Turnaround
Sep 28, 2024 at 11:30 am
Dogecoin (DOGE) whales are returning, taking the spotlight in the crypto market with a recent 1.4 million DOGE purchase worth over $140 million.
Dogecoin (DOGE) whales are back in the spotlight after a recent 1.4 million DOGE purchase, valued at over $140 million. This massive buy has sparked possibilities of a bullish turnaround for the popular meme coin.
Dogecoin Whales Scoop Up 1.4 Million DOGE
Dogecoin whale activity has surged once again, with a group of whales purchasing over 1.4 billion DOGE tokens, according to crypto analyst Ali Martinez. The total value of this purchase amounts to approximately $140 million.
Martinez shared a chart highlighting Dogecoin’s whale transaction count, showing that the new 1.4 billion DOGE purchase occurred within the last 72 hours. This sudden increase in whale activity indicates renewed interest and demand for Dogecoin.
Earlier this year, DOGE experienced strong whale activity, with investors accumulating hundreds of millions of tokens. During that period, the meme coin showed signs of a bull rally, fueled by impressive price gains.
Now, with DOGE showing similar bullish momentum after jumping by over 22% in the past month, according to CoinMarketCap, the popular meme coin may be preparing for a strong rally. The recent change in price trends following an extended period of declines could be the catalyst for Dogecoin whales to suddenly engage in a massive accumulation.
Considering that most whale transactions can influence the market, a continuous increase in DOGE accumulation by these large-scale investors could significantly impact the value of the cryptocurrency. Currently, Dogecoin’s 24-hour trading volume has increased by a massive 122.36%, indicating a positive shift in investor sentiment towards the dog-themed meme coin.
DOGE Price Fundamentals Remain Strong
Dogecoin’s price fundamentals remain strong as the meme coin has seen impressive growth recently. According to CoinMarketCap, the price of Dogecoin has increased by 10.63% in the last 24 hours.
The trigger behind this sudden price surge is unclear, but the cryptocurrency has been experiencing significant gains. Over the past week, DOGE saw its value jump by 14.05%, ultimately propelling the cryptocurrency’s price to $0.121 at the time of writing.
Martinez also adds that Dogecoin’s price looks “strong,” noting that the meme coin had achieved a Relative Strength Index (RSI) and price breakout from multi-month downtrends. Additionally, he highlights that Dogecoin is showing a buy signal from the super trend indicator, suggesting that investors are viewing the meme-based cryptocurrency positively.
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