Whales Increase Dogecoin Activity

Whales Fuel Dogecoin Activity

Dogecoin (DOGE) has witnessed a surge in whale activity over the past few days. As per IntoTheBlock's data, from July 9th to 11th, the Dogecoin whale community engaged in significant transactions. Notably, on July 9th, whales recorded a net flow of -37.05 million, indicating substantial selling.

Shift Towards Buying

The initial bearish sentiment shifted dramatically by July 11th. The market flow turned positive, reaching 364.38 million tokens, an impressive 868% increase. This surge suggests that whales were actively buying.

Influence on Price Movement

Typically, whale purchases trigger price increases due to their confidence in future value gains. However, Dogecoin's price has not yet reflected this increase.

Other Indicators

At the time of writing, DOGE trades at around $0.1077, marking a 0.30% decline in the past 24 hours but a 3.60% gain over the past week. Open interest, a measure of open futures contracts, has fallen to $2.51 billion, which generally indicates a positive trend.

Potential Price Movement

An analysis of Dogecoin's liquidation heatmap reveals high liquidity around $0.11. This suggests that there is potential for a price increase from current levels. However, a decline fueled by selling pressure could result in a drop to the liquidation zone at $0.098, providing an opportunity for bears to liquidate long positions.