Price: $0.19355 -2.4797%
Market Cap: 28.39B 1.1097%
Volume (24h): 4.49B 0.2%
Dominance: 1.1097%
Price: $0.19355 -2.4797%
Market Cap: 28.39B 1.1097%
Volume (24h): 4.49B 0.2%
Dominance: 1.1097% 1.1097%
  • Price: $0.19355 -2.4797%
  • Market Cap: 28.39B 1.1097%
  • Volume (24h): 4.49B 0.2%
  • Dominance: 1.1097% 1.1097%
  • Price: $0.19355 -2.4797%
Home > Information news > Dogecoin Gains Excite Crypto Community as Whale Transactions Surge

Dogecoin Gains Excite Crypto Community as Whale Transactions Surge

Release: 2024/03/29 20:01 Reading: 476

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/6606a8703212aa49cc3e4f83

You can also read this news on COINTURK NEWS: Dogecoin Gains Excite Crypto Community as Whale Transactions Surge

The market’s largest memecoin by value, Dogecoin (DOGE), has recently achieved significant gains, exciting the altcoin community and creating a strong sense of bullish momentum. The dog-themed memecoin surpassing the $0.21 level and the occurrence of large whale transactions have led to speculation about future price movements.

Accompanying Whale Activity

The movement of over one and a half billion DOGE and the coin’s price exceeding $0.21 triggered speculation about potential future price trajectories, including the possibility of reaching $1. Amidst these speculations, the market dynamics surrounding Dogecoin add a significant element of mystery to its future performance.

The recent price increase of Dogecoin coincided with significant whale activity, as revealed by Blockchain tracker Whale Alert, which detected a surprising transfer of 1.77 billion DOGE. This increase in on-chain whale activity occurred alongside Dogecoin’s impressive rise of 28.61% over the week and 63.77% over the month.

Recently, over 2 billion DOGE have been moved in significant volumes, indicating increased market activity surrounding the altcoin, concurrent with its price surge. Additionally, leading cryptocurrency analyst Ali Martinez highlighted significant purchases totaling 1.40 billion DOGE in the past two weeks, fueling expectations of a continued uptrend for the memecoin.

Technical Indicators Signal Caution Despite High Excitement

Despite the bullish momentum and increasing accumulations, technical indicators for Dogecoin are signaling a potential correction phase. The proximity of a significant technical indicator, the Relative Strength Index (RSI), to the 70 level suggests that DOGE may enter a correction or consolidation phase in the short term.

Furthermore, derivative data provided by CoinGlass shows a significant 9.95% increase in Dogecoin’s open interest and a 14.96% increase in trading volume, indicating a growing bullish trend in the market. As Dogecoin approaches the critical resistance of $0.23, excitement among investors increases. Experts anticipate a potential rise to $0.30 and beyond if this resistance is breached, with notable speculation that surpassing the $0.23 resistance could initiate the journey towards $1.

The post first appeared on COINTURK NEWS: Dogecoin Gains Excite Crypto Community as Whale Transactions Surge

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.