Dogecoin Sees Price Surge Amid Increased Whale Activity
20.07.2024 16:30 1 min. read Alexander Stefanov
Dogecoin has recently surged in value, capturing the spotlight with a significant weekly gain.
This spike is attributed to major whale transactions and positive on-chain metrics, suggesting the cryptocurrency might continue to rise.
Dogecoin’s price boost has been fueled by large transactions, with a notable whale accumulating 800 million DOGE through two deals on Robinhood, worth around $101 million. This surge in whale interest indicates growing confidence in the cryptocurrency.
Additionally, on-chain data shows that 75% of DOGE holders are currently in profit, and large holders control 62% of the total supply. The cryptocurrency has also reached a milestone of 90 million addresses, pointing to increasing adoption.
Technical analysis suggests that if Dogecoin breaks through the $0.128 resistance level, it could potentially climb to $0.174, with further gains possible up to $0.228.
At the time of writing, Dogecoin’s price has risen 8% in the past 24 hours to $0.134, with trading volume of around $1.07 billion
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