Advertisement
AD

Main navigation

6.4 Billion Dogecoin (DOGE) Shuffled as Whales Are Waking Up

Advertisement
Mon, 17/06/2024 - 14:22
6.4 Billion Dogecoin (DOGE) Shuffled as Whales Are Waking Up
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

After a weeklong drawdown in the performance of the top altcoins occurs, Dogecoin is now making a major move toward recovering its valuation. Different metrics are lending credence to this recovery attempt as the trading volume over the past 24 hours has jumped more than 58% to $600,461,241.

Advertisement

What DOGE whales are up to

In the round-up of the weekend's growth, Dogecoin whales exerted influence over the market by acquiring a total of 6.4 billion DOGE overnight. Per data from crypto analytics platform IntoTheBlock, Dogecoin whale transactions jumped from a low of 5.37 billion DOGE in the past seven days to about 11.74 billion DOGE before settling at the current figure.

Related

These whale transactions mark those Dogecoin-related accumulations that are worth at least $100,000. When whales accumulate, it is a show of confidence that a price rally might accompany the surge. 

The trend in Dogecoin suggests this rally might soon be recorded. Already, there has been an elongated bearish drawdown as the price is down 1.59% in 24 hours to $0.134. The coin has also extended its slump to 7.12% over the past week. 

If the whale buy-ups continue, there might be a shift in stance, helping to drive scarcity in the supply of Dogecoin, potentially triggering a price surge.

Market sentiment's role

Dogecoin’s influence on the market is gradually reducing atop its $19,464,473,979 market cap. Rather than fueling a market drawdown, it is more susceptible to being influenced by the broader trend in the ecosystem.

Related

This is good positioning, as its correlation with BTC might pay off when the spot Bitcoin ETF inflows help return the top coin to its All-Time High (ATH). In the meantime, Dogecoin developer Mishaboar has cautioned the community against the risk of pursuing alternatives without proper risk assessment.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD