Dogecoin whale move 200mln DOGE amid price surge, What’s Next?

In the ongoing bullish market sentiment, where top cryptocurrencies including Bitcoin, Ethereum, Solana, Dogecoin, and many others are experiencing upside momentum, recently, a blockchain transaction tracker, Whale Alert, made a post on X (previously Twitter) that an unknown wallet address has moved a massive 200 million DOGE coins worth $30.8 million to the Robinhood exchange. Whale move 200 million DOGE to Robinhood

However, it is not clear whether this whale is selling his DOGE holding for profit booking or transferring for some other reason. Yesterday, on May 15, 2024, when the United States released the CPI data (Consumer Price Index), the overall cryptocurrency market massively soared. Additionally, the DOGE token, following the release of CPI data, increased nearly 15%.

Currently, DOGE is trading near $0.153, and in the last 24 hours, it experienced nearly 4% upside momentum, making a high of $0.159. If we look at the performance of DOGE over a longer period, in the last 7 days, DOGE price soared more than 6%, whereas, in the last 30 days, due to lots of uncertainty, it experienced nearly 2% of upside momentum.

Looking at the 24-hour trading volume highlights traders’ and investors’ lack of interest and confidence in DOGE as it experienced only 4.5%, standing near $1.7 billion. Additionally, the Open Interest (OI) in the last 24 hours is only 3.5%, whereas in the last 4 hours, the OI reduced by 3.5%, which highlights lower interest among traders and investors. Dogecoin technical analysis and key levels

According to expert technical analysis, DOGE on a smaller time frame looks bullish as it gives a breakout of a bullish price action pattern. DOGE, in a 4-hour time frame, gave a breakout of bullish inverted head and shoulder price action patterns. But, looking at the current situation of DOGE, if in the coming hour, it gives a 4-hour candle closing above $0.157, then there is a high chance that it could hit the $0.165 level. However, if DOGE, in a 4-hour time frame, gives a candle closing below $0.149, then it could fall to the $0.144 level. Source: TradingView
Besides DOGE, top crypto meme coins including PEPE, WIF, FLOKI, and a few others are experiencing downside momentum. Whereas, SHIB, BOME, and TRUMP see a price surge in the last 24 hours.