6.4 Billion Dogecoin (DOGE) Shuffled as Whales Are Waking Up

Dogecoin Eyes Recovery after Altcoin Slide

Over the past week, Dogecoin has experienced a significant drawdown, but it is now making a notable recovery attempt.

Whale Activity and Trading Volume

Dogecoin whales have played a key role in the recent growth, acquiring approximately 6.4 billion DOGE overnight. According to data from IntoTheBlock, whale transactions have surged to 11.74 billion DOGE, indicating increased confidence in the asset.

Trading volume has also jumped by over 58% in the past 24 hours, reaching $600,461,241. This surge suggests rising interest and potential support for the recovery effort.

Technical Analysis

Despite the recent decline, Dogecoin's price has shown signs of bullish reversal. After an extended bearish trend, the coin has begun to consolidate and form a support level around $0.134. A continuation of whale buying could drive scarcity and trigger a price surge.

Market Sentiment

Dogecoin's market influence remains muted, given its market capitalization of $19,464,473,979. However, it is still susceptible to broader market trends. If Bitcoin spot ETFs drive Bitcoin's price higher, Dogecoin could benefit from its positive correlation with the leading cryptocurrency.

Developer Caution

Dogecoin developer Mishaboar has advised the community to exercise caution when exploring alternative cryptocurrencies without proper risk assessment.