350 Million DOGE Exit from Exchanges, Bullish Sign for Dogecoin?

Dogecoin (DOGE) Accumulation by Whales and Investors

Amidst its impressive rally, Dogecoin (DOGE) has witnessed substantial accumulation by whales and investors. This accumulation has been evident through the transfer of significant token amounts from exchanges.

$100 Million Worth of DOGE Exited from Exchanges

On November 11, 2024, Whale Alert, a whale transaction tracker, reported that 350 million DOGE tokens, valued at approximately $98.15 million, had been moved from exchanges such as Coinbase, Binance, and Robinhood.

Source: Whale Alert

These transfers indicate potential buying activity amid bullish market sentiment.

Dogecoin's Price Momentum

The significant transactions have fueled DOGE's recent rally. At the time of writing, DOGE is trading near $0.321, a 30% gain in the past 24 hours. Additionally, its trading volume has surged by 150%, suggesting increased trader and investor participation.

Technical Analysis and Upcoming Levels

Despite the rally, technical analysis indicates that DOGE has the potential to climb further, reaching a resistance level of $0.35 in the near term. However, upon reaching this level, a price correction may occur.

Source: TradingView

Currently, DOGE's Relative Strength Index (RSI) suggests an overbought condition, indicating a potential decline in the coming days.

Trader Interest in Dogecoin

Beyond whale accumulation, traders have also exhibited a surge in interest over the past 24 hours. According to Coinglass, DOGE's open interest has increased by 32% in 24 hours and 15.95% in the past four hours. This indicates substantial open positions among traders during the rally.