Dogecoin (DOGE), known for its meme-inspired origins, has witnessed a notable uptick in activity from significant investors, or 'whales,' signaling increased engagement within the DOGE community.
Data from IntoTheBlock reveals a substantial increase in the value of large Dogecoin transactions exceeding $100,000, nearly doubling within the last 24 hours. The surge reflects heightened investor interest and engagement, with the value of these transactions surging from $1.53 billion to approximately $3.01 billion.
Large transactions Volume. Source: IntoTheBlock
In a surprising development, a long-dormant Dogecoin whale, holding 893,303 DOGE (approximately $145,101), reactivated after over a decade of inactivity.
Conducting its first transaction since May 2014, the whale transferred 23,338 DOGE (worth around $4,000) to Binance, the world's largest cryptocurrency exchange. Despite this transfer, the whale retains a significant holding of 869,964 DOGE, valued at about $140,334.
Transaction details. Source: blockchair
The reactivation of the dormant whale has sparked concerns regarding its potential impact on Dogecoin's price movement. Historically, the re-engagement of early cryptocurrency holders has led to significant price fluctuations, suggesting a possible sell-off of some holdings by the whale.
Recent whale activity is not isolated, with previous instances including a $60 million DOGE transfer to Robinhood and a major transaction of 600 million DOGE valued at $100 million between unknown wallet addresses. These occurrences signify growing interest and engagement among large investors, potentially influencing DOGE's market dynamics.
Dogecoin's current price stands at $0.16, with a 24-hour decrease of 3.24%. However, heightened investor interest is evident, as indicated by a 27.05% rise in open interest (OI) to $1.05 billion and a surge in trading volume to $3.73 billion. Technical analysis suggests a bullish bias, with a symmetrical triangle pattern and key support levels around $0.1513 and resistance at $0.1545.
Despite the recent price dip, increased investor activity and positive technical indicators suggest a potential upward trend for Dogecoin. Investors should monitor for a breakout above the $0.1595 resistance level to confirm continued bullish momentum.
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