Prepare For Take-Off: Dogecoin Whales Have Injected $2 Billion Into DOGE
09 Novembro 2023 - 1:00PM
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Dogecoin finally broke over $0.76 in the last 24 hours after a week
of range trading and has emerged as a formidable performer in the
past month. The crypto has seen gains of 25.9% in a 30-day
timeframe, but the rally may be far from over. DOGE whales have
been working tirelessly behind the scenes to put the meme coin on
the map, increasing their holdings by a substantial amount in the
past month. On-chain data has revealed that large DOGE addresses
have added more than $2 billion in DOGE in an effort to drive the
crypto towards the $0.1 level. Dogecoin Whales Inject $2 Billion
Into DOGE In 30 Days Data from the crypto analytics platform
IntoTheBlock has reiterated the current bullish sentiment among
Dogecoin whales. According to its Balance By Holdings metric, the
balance of addresses holding between $100,000 to $1 million worth
of DOGE has increased by 24.31% in the past 30 days. Related
Reading: Crypto Analyst Says XRP Price Will Take Off In One Week,
Here’s The Target Likewise, addresses holding between $1 million to
$10 million increased by 27.43%, and addresses holding more than
$10 million worth of DOGE increased by 29.28%. A closer look
into this metric’s chart shows that the collective holdings of
these addresses holding at least $100,000 worth of DOGE increased
from $7.37 billion on October 7 to $9.469 billion on November 9.
This implies that the crypto’s whales have acquired an additional
$2.099 billion in DOGE within the past month. Source: IntoTheBlock
For regular investors, this whale activity is a bullish signal for
DOGE’s price trajectory, as whale accumulation is still ongoing.
IntoTheBlock’s data has also revealed these addresses holding at
least $100,000 worth of DOGE have acquired $119 million in DOGE in
the past 24 hours alone. IntoTheBlock’s Order Books metrics
reveal an interesting imbalance between the supply and demand for
DOGE. At the time of writing, buyers have placed buy orders of 902
million DOGE on various crypto exchanges. Meanwhile, sellers have
only put up 876 million DOGE for sale. Source: IntoTheBlock Will
DOGE Return To $0.1? The current shift towards higher demand and
the current accumulation of whales speaks volumes of the current
sentiment around Dogecoin and the massive injection of capital into
Dogecoin could significantly impact its price. Crypto analyst
Ali Martinez pointed out on X that DOGE’s crucial support wall at
the $0.072 to $0.073 price point outstrips the resistance in
strength. According to Martinez, a breakout over $0.76 puts the
next significant hurdle at $0.084. Related Reading: Cardano
Whales Go On $600 Million Buying Spree That Could Trigger Run To
$0.4 #Dogecoin is navigating a tight zone, sandwiched by two
crucial supply walls. 📉 Support Wall: Spanning $0.072-$0.073, with
200K addresses holding 28.6B $DOGE. 📈 Resistance Wall: Ranging from
$0.074-$0.076, where 124K addresses hold 26.95B #DOGE. Note that
support outstrips… pic.twitter.com/O5FRIJ1SIl — Ali (@ali_charts)
November 8, 2023 At the time of writing, the bulls have pushed DOGE
by 4.28% in the past 24 hours, and the crypto is now trading at
$0.07686. Continued buying pressure from the whales and retail
traders could push DOGE back up to $0.1, which we haven’t seen
since June. DOGE price reclaims $0.076 | Source: DOGEUSD on
Tradingview.com Featured image from Token Metrics, chart from
Tradingview.com
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