As a seasoned crypto investor with a knack for deciphering market trends, I must admit that the recent surge of Dogecoin has caught my attention. Having witnessed the meme coin’s meteoric rise and subsequent fall, I find myself intrigued by its current trajectory. The five-month high it reached earlier today is certainly a bullish sign, but the increased exchange net inflows and declining whale accumulation have me slightly cautious.
As a crypto investor, I’m thrilled to say that I rode the wave of optimism sweeping through the market today, with Dogecoin hitting a five-month peak of $0.1684. This bullish momentum has been quite exhilarating!
right now, Dogecoin (DOGE) is being exchanged at approximately $0.165, representing a 15% increase over the previous 24-hour period. The value of this popular meme-based cryptocurrency has pushed its market capitalization above $24 billion, and today’s trading volume amounts to around $3.8 billion.
Based on information from IntoTheBlock, approximately 350 million DOGE were transferred to centralized exchanges on October 29, coinciding with a surge in Dogecoin’s price movement. Over the last seven days, Dogecoin has seen a net inflow of more than $51 million into these exchanges.
A rise in incoming funds from trades often suggests that some investors might be cashing out their gains, potentially leading to a adjustment or decrease in prices.
Despite being 77% down from its all-time high of $0.737, 85% of DOGE holders are still in profit.
Whales join the show
The rise in Dogecoin’s price beyond $0.14 led to an escalation in whale activity, as indicated by ITB data. Specifically, large transactions involving at least $100,000 worth of DOGE increased from 1,230 to 2,290 between October 27 and 28.
Yesterday, a grand total of 15.5 billion units of Dogecoin were transferred by whales. Over the last week, there have been significant transactions amounting to a total of approximately $3.46 billion in Dogecoin.
Contrarily, the amount of Dogecoin held by large investors (whales) has been steadily decreasing over the past five days. This decline started with a net increase of 456 million DOGE on October 25 and reached only 3 million DOGE by October 28.
Declining whale inflows could increase the selling pressure.
A temporary dip in Dogecoin’s price might occur before another rise, given the significant trading activity and the influx of exchanges involved.
Read More
- PYTH PREDICTION. PYTH cryptocurrency
- ‘I Pitched Stargate’s Take On Black Panther’: Christopher Judge Opens Up About His Teal’c Spinoff And Why It Hasn’t Happened
- As Lindsay Lohan And Lacey Chabert Headline Christmas Movies, These Comments Have Me Convinced A Mean Girls Holiday Movie Reunion Needs To Be Next
- IMX PREDICTION. IMX cryptocurrency
- Following Muppet*Vision, Another Popular Disney World Attraction’s Closing Date Has Been Revealed, But This Time There’s Actually Good News
- Dancing With The Stars’ Gleb Savchenko And Brooks Nader Confirm They’re Dating, But Also Cleared Up A Few Misconceptions
- Niels Arestrup Dies at 75, Iconic Actor Was a Force of Cinema
- Hobbs & Shaw 2 With Jason Statham & Dwayne Johnson Gets Promising Update
- Jennifer Love Hewitt Addresses Possible Return to ‘I Know What You Did Last Summer’ Reboot
- Alan Rickman Upstaged Kevin Costner in ‘Robin Hood: Prince of Thieves’
2024-10-29 15:08