The original meme cryptocurrency Dogecoin, which was launched in early December 2013 by Billy Markus and Jackson Palmer, showcased a rise of almost 6% and then demonstrated an almost similar fall, still adding slightly more than 2% within the last 24 hours.
In the meantime, data shared by @DogecoinFear account on Twitter (part of CFGI – cryptocurrency Fear and Greed Index) shows that DOGE has entered the so-called “Greed” zone.
Dogecoin rushes into “Greed” zone
This is an indicator of a possible approaching correction on this particular cryptocurrency market. However, the price, at least for now, is going up. Dogecoin is exchanging hands at $0.0926 on Binance at the time of this writing.
When CFGI shows that a cryptocurrency is within a “fear” or “extreme fear” zone, this indicates that savvy investors and traders are likely to start accumulating this crypto. There is also a “neutral” position between those two zones.
Earlier today, according to data provided by the CFGI website, Dogecoin was in the neutral position, and overall “greed” and “neutral” readings have been changing with each other rapidly today.
Dogecoin whales’ activity surges
Earlier this week, popular cryptocurrency tracker Whale Alert shared details of a massive Dogecoin transfer made from an anonymous wallet to the Robinhood asset trading platform. The whale shoveled 230,000,000 DOGE evaluated at $21,610,674 at the time of the transfer.
This was more or less exactly the time frame mentioned above, when Dogecoin jumped by 5.66%, reaching $0.0951 per coin. A week before that, the aforementioned blockchain sleuth also reported more than $10 million worth of Dogecoin moved, but this time it was withdrawn from Robinhood.
Overall, Whale Alert has been reporting massive DOGE transfers quite often recently, a lot of them involving Robinhood, which indicates the rising activity of large investors known as “whales” within the cryptocurrency community. On Dec. 1, Whale Alert registered 300 million Dogecoin transferred to Robinhood, then also about five transactions slightly less than 100 million DOGE each.
Dogecoin’s market capitalization currently stands at $13,181,067,311, and DOGE occupies 10th place on the CoinMarketCap leading analytics website owned by Binance. Among the most influential supporters of it is tech billionaire Elon Musk, who calls himself “The DogeFather.”