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Dogecoin's network activity is heating up, with whale transactions recently increasing. According to Ali, a crypto analyst, the number of transactions exceeding $1 million on the Dogecoin network has surged, reaching 588 transactions in the past 24 hours.
This increase in large transactions is significant and suggests increased activity among large holders, or "whales." These entities typically move substantial amounts of cryptocurrency in preparation for strategic actions, such as accumulation, selling and fund reshuffling, among other reasons.
In one such large transaction, blockchain data tracker Whale Alert reported, in recent hours, "400,000,000 DOGE worth $137,793,702 transferred from unknown wallet to Binance."
Tomiwabold OlajideThe cryptocurrency market has recently experienced bullish momentum, with many assets gaining ground. However, this was followed by profit-taking early today. DOGE’s increased transactions could reflect broader market trends, although the reasons behind the recent spike remain speculative.
Dogecoin suddenly skyrockets 11%
Dogecoin suddenly rose 11% in an hour, following reports that Elon Musk’s Department of Government Efficiency launched its website with the dog-themed cryptocurrency’s logo.
Dogecoin graphic designer "dogedesigner" tweeted: "Department of Government Efficiency's official website has a dogecoin on it." At the time of writing, DOGE was up 2.3% in the last 24 hours to $0.381, having hit intraday highs of $0.401.
Dogecoin dropped for three days in a row after reaching a high of $0.434 on Jan. 18 before rebounding. The recovery has sent DOGE above the daily SMA 50 at $0.367.
A sustained break over $0.434 may pave the way for a rally to $0.48. Sellers are anticipated to actively defend the $0.48 barrier, as a breach above it might send Dogecoin to $0.59. In the short term, all eyes are on Dogecoin to see if it can stay above the daily SMA 50; if not, it may fall to $0.31 before $0.27.
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.
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