Recent actions by Dogecoin whales have sparked notable movements in the cryptocurrency sector, as these major holders accumulate substantial amounts of DOGE. On-chain data reveals that over 300 million DOGE tokens were recently withdrawn from various cryptocurrency exchanges, creating a sense of positivity among traders about the coin’s upcoming price trends.
What Are Dogecoin Whales Doing?
On November 11, data from Whale Alert indicated that Dogecoin whales withdrew a staggering 311 million DOGE in just one day. Of this total, 200 million DOGE was removed from Binance, valued at about $56.38 million, while another 111 million DOGE was taken from Robinhood, amounting to roughly $30 million.
Could This Impact DOGE’s Price?
On the same day, 98 million DOGE was transferred back to Binance and Robinhood, temporarily causing a dip in the token’s price. Nevertheless, buoyed by a strong buying presence, the price rallied again. Currently, DOGE trades at approximately $0.32, reflecting a remarkable gain of over 10% in the last 24 hours, along with a significant 222% surge in daily trading volume, which reached $18.60 billion.
- Whale activity signals renewed market confidence.
- Daily trading volume increase suggests stronger interest.
- Potential price patterns indicate a target of $0.4.
The recent surge in Dogecoin trading activity, coupled with major withdrawals by whales, has fortified optimism in the cryptocurrency, emphasizing its prospects for growth. The bullish sentiment reflected in the price movements represents a shift in market dynamics, positioning DOGE favorably for upcoming developments.
