Millions of Dogecoin (DOGE) Shifted as Bullish Golden Cross Appears

Crypto data tracker Whale Alert reports a significant amount of Dogecoin has moved in the last 24 hours.

Whale Alert reports that over 631.3 million Dogecoins were moved in three separate transactions. First, 92,313,653 DOGE worth $6,812,612 were shifted from Robinhood to an unknown wallet. Second, a large amount of DOGE worth $35,261,581 was moved from an unknown wallet to Bittrex. Third, an unknown wallet deposited 70,087,832 DOGE worth $5,202,986 to Robinhood.

🚨 92,313,653 #DOGE (6,812,612 USD) transferred from #Robinhood to unknown wallethttps://t.co/e0NM0w5mGP

— Whale Alert (@whale_alert) November 21, 2023

Dogecoin has confirmed a bullish crossover on its daily chart, with the moving average (MA) 50 rising above the MA 200 — a golden cross — notably the first such occurrence since a year ago.

The last time a golden cross appeared on the Dogecoin daily chart was in November 2022. In March, a death cross formed, which was quickly followed by a rise to highs of $0.104 before the bears took over.

The last "golden cross" to show on the Dogecoin daily chart was in November 2022, making this latest one the first of the year 2023. In March, a death cross formed, which was quickly followed by a rise to highs of $0.104 before the bears took over.

At the time of writing, Dogecoin was down 3.41% in the last 24 hours to $0.074, despite the appearance of a golden cross on its chart.

That said, traders should pay close attention to the market trend so as not to get trapped on the wrong side of the market. Some consider moving average crossovers to be lagging indicators since they might occur when the market is already overbought or oversold and due for a correction or comeback.

On-chain analytics firm IntoTheBlock notes that there has been a significant increase in active Dogecoin addresses, growing by 87.1% since early November. The active Dogecoin address count rose from 48,470 on Nov. 1 to 90,690 by Nov. 20. The spike in address activity might be seen as a positive for Dogecoin.

In another positive development, Pittsburgh-based Astrobotic wants to send a physical Dogecoin to the moon in the DHL Moonbox on Dec. 23, 2023, using ULA's Vulcan Centaur Rocket.