DOGE Price Skyrockets as 90 Million Dogecoin Traded in 48 Hours

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As a seasoned researcher with a decade of experience in the volatile world of cryptocurrencies, I find myself intrigued by the recent events surrounding Dogecoin (DOGE). The whale activity, as reported by Ali, has certainly caught my attention. A sudden 90 million DOGE accumulation within two days is a significant move that warrants closer scrutiny.

Over the past two days, there’s been a surge in Dogecoin (DOGE) activity, with approximately 90 million DOGE being transferred. As per cryptocurrency expert Ali, large investors, or “whales,” have purchased over 90 million DOGE during this period. This accumulation occurs as Dogecoin’s price has rebounded following three consecutive days of decreases.

2021 ended up being a remarkable year for cryptocurrencies, particularly Bitcoin, which initially showed promising growth. However, as the year drew to a close, the Bitcoin surge began to lose momentum, marking a dip in the overall market. This slowdown was reflected in altcoins, with many of these coins exhibiting subdued trading activity during the final days of the year.

Whales bought over 90 million #Dogecoin $DOGE in the past 48 hours!

— Ali (@ali_charts) December 27, 2024

After the festive break, the jobless claims data released on Thursday showed a decrease to 219,000, which was slightly lower than the average forecast of 225,000 by Dow Jones. Nevertheless, continuing claims saw an uptick of 46,000 in the week ending December 14, reaching its highest level since November 2021. As a crypto investor, I’m keeping a close eye on these economic indicators to gauge their potential impact on market trends.

2025 could see a more aggressive approach from the Federal Reserve, according to market predictions. Their upcoming meeting, slated towards the end of January, might not bring any immediate changes in interest rates. This measured attitude appears to be influencing various financial markets, including cryptocurrencies.

At the moment, Dogecoin is moving within a narrow band and seems to be considering a potential drop for December. If this happens, it would mark the first monthly decrease since September, during which time it started to increase.

On December 8th, Dogecoin peaked at $0.484, but then met resistance and started to fall. It hit a low of $0.261 on December 20th, after which it began trading within a certain range.

Dogecoin was up 0.61% in the last 24 hours to $0.316, but down 9% weekly as of writing.

What’s next for Dogecoin: Bulls and bears scenario

Following a three-day downtrend, Dogecoin recovered from a low of $0.308 on December 27th. Today’s trade saw the rally reaching peaks of $0.317, suggesting that sellers are active whenever there’s even a small increase in price, indicating potential resistance.

There’s a potential area of stability around $0.30 for Dogecoin, but if it weakens and drops below this point, there’s a possibility it could slide down to $0.27. Investors are expected to attempt to maintain the price within the range of $0.27 to $0.23.

If bulls want to halt the downside, they must push and hold the price above the moving averages. In this scenario, a break above the daily SMA 50 at $0.38 might be pertinent to watch in this regard. If bulls achieve this, it may indicate that the correction has ended. Dogecoin may potentially reach $0.43.

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2024-12-28 16:04