Dogecoin (DOGE), the widely recognized altcoin, is drawing significant attention from major investors once again. Recent on-chain data indicates that these big market players have accumulated over 600 million DOGE in just the past two days. This buying spree aligns with Bitcoin‘s extraordinary rally that saw its price shoot past $100,000, reaching a new high since the beginning of the year. On the back of Bitcoin’s climb, Dogecoin has similarly enjoyed an impressive 35% value appreciation within the last week.
Why Are Whales Targeting Dogecoin?
The cryptocurrency market’s resurgence has motivated key investors to focus on Dogecoin. According to insights from analyst Ali Martinez, whales have accumulated a remarkable amount of over 600 million DOGE since Friday, an investment that currently holds a valuation exceeding $140 million.
This heightened interest is largely driven by Bitcoin’s bullish trajectory, which boosted its value beyond $104,000 and affirmed Dogecoin’s place within this rising wave, with the coin’s price surging to $0.259 and signifying a rapid build-up of momentum.
What Impresses Dogecoin Traders Now?
Dogecoin has experienced a 2.26% increase over a 24-hour period, bringing its price to $0.2334. This increase came after three consecutive days of growth tempered by minor losses. For the week, Dogecoin trails only Ethereum (ETH) in percentage gains.
Dogecoin futures have also gained traction, with open interest climbing 9.84% in just one day, achieving a new high of $2.85 billion according to CoinGlass data. This swelling interest has not been matched since mid-February, marking a significant movement within the futures market.
Dogecoin currently faces a resistance level pegged at $0.259. A crucial hurdle is posed by the daily 200-day simple moving average (SMA 200), which rests around $0.265. For a breakthrough, buyers need to penetrate this barrier. Should the trend slow, Dogecoin’s price could oscillate between the daily 50-day simple moving average (SMA 50) and the SMA 200.
– More than 600 million DOGE accumulated by whales in 48 hours
– Current valuation of these DOGE acquisitions surpasses $140 million
– Dogecoin’s weekly rise places it behind only Ethereum in gains
– Open interest in DOGE futures has risen by almost 10% in a day
– Critical resistance level causes potential price stagnation between SMA 50 and SMA 200
Dogecoin’s recent trajectory underscores its potential to draw the attention of substantial market influencers. As Bitcoin continues to make impressive gains, Dogecoin could similarly benefit, provided it can navigate significant resistance points and maintain its upward momentum. The altcoin’s near-term performance will likely depend on the outcome of these market conditions and investor responses.
