Price: $0.39846 6.8642%
Market Cap: 58.53B 1.7845%
Volume (24h): 8.62B 0.4%
Dominance: 1.7845%
Price: $0.39846 6.8642%
Market Cap: 58.53B 1.7845%
Volume (24h): 8.62B 0.4%
Dominance: 1.7845% 1.7845%
  • Price: $0.39846 6.8642%
  • Market Cap: 58.53B 1.7845%
  • Volume (24h): 8.62B 0.4%
  • Dominance: 1.7845% 1.7845%
  • Price: $0.39846 6.8642%
Home > Information news > Dogecoin’s Market Surge Attributed to Intense Activity by Major Holders

Dogecoin’s Market Surge Attributed to Intense Activity by Major Holders

Release: 2024/04/01 15:48 Reading: 253

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/660a5db1eb047e00c4121879

Dogecoin’s Market Surge Attributed to Intense Activity by Major Holders

You can also read this news on BH NEWS: Dogecoin’s Market Surge Attributed to Intense Activity by Major Holders

With a remarkable surge in value, Dogecoin, the world’s top meme-based cryptocurrency, has recorded over 25% gains in the previous week. Its value climbed an additional 7.29% to reach $0.2156, pushing the market capitalization beyond the $30 billion mark. Since the beginning of 2024, Dogecoin has seen a significant uptick of 134% in its value.

Major Players Return to Dogecoin, Sparking Value Increase

Analytics firm Santiment has identified a surge in Dogecoin’s momentum, correlating it with heightened activity among large-scale holders known as ‘whales’. With Dogecoin positioned as the prime meme token in terms of market value and ranking 8th in the cryptocurrency market, this resurgence is partly due to the reactivation of previously dormant whales, resulting in an active redistribution of their DOGE holdings.

The current price increase is independent of the typical ‘fear of missing out’ phenomenon that often precedes market peaks, suggesting that Dogecoin’s rally may sustain itself further. Whale wallets, specifically those with 10 to 100 million DOGE, have gradually increased their holdings since mid-March, adding 1.40 billion DOGE tokens to their assets, totaling a staggering 16.7 billion DOGE.

Predicted Bull Run and Sustained Market Interest

Cryptocurrency analyst Ali Martinez has spotlighted Dogecoin amidst a sea of new meme tokens, reinforcing its standing as a significant altcoin. Martinez draws parallels between the current market movement and patterns observed from 2018 to 2021, suggesting the possibility of an early-stage parabolic bull run for DOGE. In addition to Martinez’s analysis, derivative data from Coinglass shows Dogecoin’s open interest exceeding $2.1 billion, indicating a potential continuation of the upward trend. In a single day, over $7.15 million was invested in Dogecoin derivatives, while short positions worth $5.13 million were liquidated.

Points to Consider

  • Reactivated whale accounts are contributing significantly to Dogecoin’s growth.
  • Historical patterns suggest a potential parabolic ascent in Dogecoin’s future.
  • Increased open interest and liquidation of short positions imply sustained investor confidence.

In conclusion, Dogecoin’s robust presence in the cryptocurrency market, bolstered by the strategic moves of large investors and positive technical indicators, is keeping the digital asset in the spotlight and could potentially lead to a significant bull run reminiscent of its past performances. Investors and market watchers remain attentive to upcoming developments.

The post first appeared on BH NEWS: Dogecoin’s Market Surge Attributed to Intense Activity by Major Holders

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.