7 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?

Cover Image via U.Today

Dogecoin Whales Stir as Market Activity Surges

Data from IntoTheBlock reveals that Dogecoin whales are awakening, their sights set on replicating the epic run witnessed by Ethereum and the broader market. Major investors have escalated their activity, fueling hopes for a long-awaited rebound and recovery for Dogecoin.

Surging Transaction Volume

Recent data indicates a surge in large Dogecoin transactions, with approximately 1.51 thousand large transactions totaling 6.83 billion DOGE in the past 24 hours. This heightened activity suggests increased engagement from major holders. Historically, such upticks in activity have often preceded significant price movements, given the influential role of major holders in market dynamics.

Technical Analysis

Dogecoin/USDT Chart by TradingView

Dogecoin has exhibited relative stability and may soon trend upward. It currently trades around $0.1695, consolidating within key resistance and support levels.

Crucial support levels for an uptrend include the 50-day EMA at $0.1588 and the 100-day EMA at $0.1570. On the upside, the next significant resistance level lies around $0.17. The RSI stands at 55.83, indicating a near-neutral market sentiment with potential for gains.

Large Holder Concentration

Whales hold approximately 63% of the circulating supply of DOGE.

On-Chain Signals

Positive on-chain signals include a net network growth and an increase in large transactions. However, the bid-ask volume imbalance is a mere 1.42% in favor of buyers, indicating a modest buying interest compared to selling pressure.

Market Outlook

The accumulation of DOGE by whales ahead of increased activity could signal the onset of a broader market recovery for the cryptocurrency.