Dogecoin Whales Accumulate Tokens, Boosting Market Sentiment

Dogecoin Whales Accumulate Tokens, Bolstering Market Sentiment

Dogecoin whales have surged activity in the cryptocurrency market, accumulating vast quantities of tokens during the surge of the meme coin. On-chain data indicates the withdrawal of over 300 million DOGE from exchanges, bolstering traders' optimism about the coin's future price direction.

Dogecoin Whale Transactions

On November 11th, Whale Alert reported withdrawals of 311 million DOGE from exchanges by Dogecoin whales within a single day. Of this amount, 200 million was removed from Binance (approximately $56.38 million), while 111 million DOGE was transferred from Robinhood's crypto trading platform (around $30 million).

Hours later, whales sent 98 million DOGE back to Binance and Robinhood. These transactions caused a temporary dip in Dogecoin's price but were met with overwhelming buyer support, leading to a recovery.

DOGE Price Analysis

Currently, DOGE is trading around $0.32 and has witnessed double-digit gains in the past 24 hours. Moreover, trading volume has escalated by 222% to $18.60 billion, indicating increased investor interest and a favorable market outlook for the meme coin. The weekly chart exhibits an 84% surge, further emphasizing the bullish trend.

Additionally, wallets holding 100 million to 1 billion DOGE have expanded their holdings, reflecting growing confidence in the token. The cup-and-handle pattern observed on the price chart suggests a potential 53% increase, aligning with the target of $0.4 for DOGE.

Market Outlook

With significant whale accumulation and heightened trading volume, Dogecoin has consolidated its market position. The optimistic sentiment surrounding the coin's future price direction is bolstered by these factors, leaving traders with positive expectations.