Dogecoin Eyes Further Rally Amid Massive Whale Accumulation, Is $0.2 Next?
Release: 2024/07/20 22:00 Reading: 836
Dogecoin Price Poised for Further Rally Amid Whale Accumulation and Market Interest
The recent surge in Dogecoin's price, marked by a substantial weekly increase, has captured the attention of investors. Whale transactions and on-chain metrics suggest a potential continuation of the rally for the dog-themed cryptocurrency.
Whale Transactions and On-Chain Metrics Fuel Bullish Outlook
Massive whale activity has fueled excitement in the crypto sphere. According to Whale Alert, a DOGE whale has accumulated 800 million coins in two transactions from Robinhood. This accumulation highlights growing market confidence in the meme coin sector.
On-chain metrics also indicate a bullish outlook. 75% of DOGE holders are now in profit, and IntoTheBlock data suggests a potential rally ahead. Additionally, large holders now account for 62% of DOGE supply, with long-term holders representing 67% of this group. Dogecoin has also reached a milestone of 90 million addresses, indicating increased adoption and market interest.
Dogecoin Price Target of $0.2 Within Reach
Recent analysis from CoinGape Media has identified key resistance at $0.128. Breaking this level could push DOGE's price to $0.174, and potentially reach $0.228 if this level is surpassed.
Conclusion
The recent performance of Dogecoin and whale accumulation signal a promising future. With increased market interest and bullish on-chain metrics, DOGE is well-positioned for a significant rally. As of writing, DOGE was trading at $0.1264 and has touched a 24-hour high of $0.1295, with a weekly gain of 15%. CoinGlass data also shows a surge in DOGE Futures Open Interest, echoing the bullish sentiment in the market.
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