Dogecoin (DOGE) has recently experienced a surge in whale activity. According to data from IntoTheBlock, major moves were observed in the Dogecoin whale community between July 9-11. For example, on July 9, there was a net outflow of -37.05 million tokens, suggesting that whales were actively selling.
What Are the Latest DOGE Trends?
Despite initial negative data, the situation reversed by July 11. The market flow turned from negative to positive, with an astonishing increase to 364.38 million tokens. This shift represents an 868% rise, indicating that whales were now buying substantial amounts of Dogecoin.
Typically, when whales make significant purchases, it can lead to a price increase. This community usually buys with the expectation of a price rise. However, this anticipated price movement has not yet materialized.
Currently, Dogecoin is trading around $0.1077. Over the past 24 hours, it has seen a slight decrease of 0.30%, but its 7-day performance shows a 3.60% increase.
Will DOGE Price Surge?
An increase in open interest usually signals a positive trend, potentially leading to a price hike. Conversely, a decrease often results in a price drop. Presently, Santiment’s on-chain data reveals that Dogecoin’s open interest has declined to $2.51 billion.
The DOGE liquidation heatmap offers another perspective for investors. This heatmap highlights price levels prone to liquidations in the cryptocurrency market. High liquidity points are potential targets where large investors might shift the price to gather market liquidity.
Key Inferences for Investors
– There is noticeable high liquidity around the $0.11 region on the DOGE chart, suggesting a potential price increase.
– A market decline could push DOGE towards the $0.098 liquidation zone if buying pressure diminishes.
– Monitoring whale activity and open interest can provide valuable insights into future price movements.
In conclusion, Dogecoin’s recent whale activity has created a dynamic market environment. While substantial whale purchases usually hint at an impending price rise, current market conditions and liquidity zones indicate both upward and downward possibilities. Investors should keep an eye on these factors to make informed decisions.