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7 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?

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Mon, 27/05/2024 - 14:26
7 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?
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Dogecoin whales are waking up as data by IntoTheBlock shows their eyes on the epic run that Ethereum and the market in general had. Major investors have been stepping up their activity, and it is only hoped that this will finally mark a rebound and recovery for Dogecoin that all investors are keeping their eyes on.

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Recent data has pointed toward the rise of big transactions involving Dogecoin, with around 1.51 thousand large transactions of about 6.83 billion DOGE in the last 24 hours. This activity really is a great surge and shows that major holders are getting more active. Such upswings in activity usually show up ahead of big moves in price since major holders are quite instrumental in market dynamics.

DOGEUSDT
Dogecoin/USDT Chart by TradingView

Dogecoin has experienced relative stability and could soon move up, with the present trading value moving around $0.1695. At the moment, the price has consolidated at key resistance levels and support levels. 

The key support levels that have to hold for an uptrend to be sustained are the 50-day EMA at $0.1588, and the 100-day EMA at $0.1570. On the upside, the next major resistance level is located around $0.17. The RSI is at 55.83, indicating that market sentiment is almost neutral, with room for potential gains.

Large holders' concentration: Whales hold 63% of the circulating supply of DOGE.

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Over $100,000 transactions: The markets reported weekly transactions over $3.32 billion, showing a substantial surge amid this cycle.

Adding to the positive outlook are good on-chain signals in net network growth and an increase in large transactions. Still, bid-ask volume imbalance is just 1.42% on the bullish side of the fence, which means larger buying interest compared to selling pressure.

The fact that Dogecoin whales are picking up some cheap coins ahead of an increase in activity might signify the start of a general market recovery for DOGE.

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