Dogecoin Whales Increase Activity in the Last 24 Hours
Release: 2024/06/08 03:42 Reading: 307
Dogecoin Whales Surge in Activity Over Past 24 Hours
In an unusual development, Dogecoin whales have significantly increased their activity in the past 24 hours, garnering attention in the cryptocurrency market. A prominent market analyst reported a noticeable uptick in DOGE transactions exceeding $1 million during this period.
Increased Whale Transactions
Ali Martinez, a renowned market figure, revealed that 151 distinct Dogecoin whale transactions worth over $1 million each occurred within the last 24 hours. Despite the initial optimism sparked by this surge in on-chain whale activity, a decline in the price has cast a shadow over the situation.
Independent data from Santiment confirms that the increase in transactions resumed following DOGE's dip below $0.15 on June 2nd. Notably, whale activity remained undeterred during this period, despite uncertainties surrounding the meme coin.
Market Sentiment
The recent developments have fueled speculation among market participants, with some expressing caution. However, the market outlook remains generally positive due to the impact of heightened on-chain activity.
DOGE Accumulation
During this period, data indicating the accumulation of 200 million DOGE also gained attention. Despite the increased whale activity and accumulation, Dogecoin's price presents a negative outlook today.
Current Market Data
As of writing, DOGE has experienced an 8.7% drop in value over the past 24 hours, mirroring the broader market decline. It currently trades at $0.1471, with its market capitalization falling to $21.2 billion.
Data from Coinglass reveals a 2.73% decrease in DOGE's open interest in futures trading in the last 24 hours, while the derivative volume has increased by 20.11%. This suggests that decreasing investor interest and the speculative nature of meme coins may contribute to DOGE's volatility.
Technical Analysis
Dogecoin's RSI (Relative Strength Index) has fallen below the neutral 50 level to 40. This indicates that sellers are gaining strength, potentially leading to further price declines. However, it's important to note that this is merely a technical observation, and positive news events could reverse the trend.
The original article was first published on COINTURK NEWS: Dogecoin Whales Increase Activity in the Last 24 Hours
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