The cryptocurrency community has been taken aback as large-scale investors, known as whales, have recently made substantial purchases of Dogecoin (DOGE), the widely recognized memecoin. These transactions have put Dogecoin in the spotlight and are fueling a more optimistic outlook for its value.
Significant DOGE Purchases on Robinhood
Whale Alert, a blockchain tracking platform, reported two massive transfers of DOGE originating from the popular investment app Robinhood. In the first move, an anonymous investor bought over 172 million DOGE, equating to roughly $16.6 million. A second investor secured over 103 million DOGE, worth close to $9.9 million. These purchases have the potential to decrease the available supply of Dogecoin, often a precursor to price increases.
Market data from Coinglass confirms a notable surge in Dogecoin’s open interest and trading volume, suggesting an influx of funds and increased trading enthusiasm.
Positive Market Trends for Dogecoin
Current figures from CoinMarketCap show that Dogecoin’s price has jumped by 7.28% in the past day, with a value approaching the $0.10 mark. The market cap and trading volume of the cryptocurrency have also seen substantial hikes, further indicating a bullish sentiment amongst investors.
Rumors of a potential partnership with the acclaimed car manufacturer Ferrari are adding to the excitement surrounding Dogecoin, with many anticipating that such a deal could propel the coin’s value even higher in the near future.