Dogecoin Attracts Whale Attention Amidst Market Fluctuations
Release: 2024/06/05 00:19 Reading: 767
Dogecoin Whales Accumulate, Driving Bullish Outlook
Dogecoin (DOGE), the popular meme coin, has witnessed significant buying activity from whales. Since May 30th, these major investors have purchased over 400 million DOGE, adding to the 700 million acquired earlier the same day.
Increased Trading Volume, Declining Price
Despite the surge in trading volume, DOGE's price has dipped by 2.56% to $0.1573. The price has struggled to stay above key moving averages, indicating a potential decline.
Whales' Confidence and Meme Coin Movement
The whale accumulation coincides with a growing trend of investors embracing meme coins. Shiba Inu (SHIBA) and Pepe (PEPE) have seen notable gains recently, while DOGE lags slightly behind.
Trading Sentiment and Price Forecast
Investors anticipate a price increase for DOGE, as evidenced by increased trading volume. If the current trend persists, DOGE could reach $0.1765. However, a failure to maintain above $0.1521 may trigger a sell-off to $0.1287.
Market Snapshot
As of writing, Dogecoin's price stands at $0.1588, representing a 2.11% decrease. Its market capitalization is $22.95 billion. Dogecoin Futures Open Interest has declined by 2.55% to $918.95 million.
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