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

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As a researcher with experience in cryptocurrency markets, I find the recent developments in Dogecoin intriguing. After a weeklong slump, the altcoin is making a significant move toward recovering its valuation. The trading volume has surged by over 58% to $600,461,241, indicating renewed interest in the coin.

Following a week-long slump in the value of leading altcoins, Dogecoin is making a significant push to regain its worth. Various indicators support this recovery effort, with trading volume surging by over 58% in the last 24 hours to reach $600,461,241.

What DOGE whales are up to

As a crypto investor, I’ve noticed an intriguing development over the weekend. Dogecoin whales have significantly impacted the market by purchasing a massive amount of 6.4 billion DOGE within a single night. According to IntoTheBlock, the number of whale transactions surged from a weekly low of 5.37 billion DOGE to approximately 11.74 billion DOGE before stabilizing at the present figure.

Whale purchases of Dogecoin amount to at least $100,000 worth of transactions, signaling confidence and potentially indicating an upcoming price increase.

Based on current trends, it seems that Dogecoin’s recent rally may come to an end soon. In the last 24 hours, there has been a prolonged decline in the coin’s price, causing it to drop by 1.59% and reach $0.134. Over the past week, this downward trend has worsened, resulting in a 7.12% decrease in value.

If the whale purchases persist, there could be a change in attitude among other market participants, contributing to a decrease in Dogecoin availability. This reduction in supply might then lead to an increase in demand and price.

Market sentiment’s role

The impact of Dogecoin on the market is decreasing relative to its market capitalization of $19.5 billion. Instead of triggering market declines, it tends to follow the general direction of the larger cryptocurrency market trends.

A favorable placement for this, since its connection to Bitcoin could potentially yield rewards when Bitcoin Exchange-Traded Fund (ETF) inflows push Bitcoin back up to its Record High (RH). However, Dogecoin developer Mishaboar has issued a warning to the community about the potential risks of exploring alternatives without proper evaluation.

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2024-06-17 17:28