Dogecoin Price Surges 8% as Whales Move 330 Million Coins

Dogecoin (DOGE) rallied sharply today, defying the broader cryptocurrency market downtrend. This price increase coincided with significant whale activity, with over 330 million DOGE tokens being moved in the past 24 hours.

Data from blockchain tracker Whale Alert revealed two major DOGE transactions:

250 million DOGE transferred from an unknown wallet to Robinhood, a popular cryptocurrency exchange. This could be interpreted as a sell-off by a whale.

83.1 million DOGE accumulated by an unknown address from Robinhood. This suggests another whale might be buying the dip.

The mixed signals from these large transactions highlight the potential for both bullish and bearish sentiment among whales regarding Dogecoin. However, recent reports indicate that nearly 2 billion DOGE have been moved in the past few days, suggesting continued whale interest in the meme coin.

DOGE Price Up, Technicals Bullish

At the time of writing, DOGE is trading at $0.1999, representing an 8.25% increase in the last 24 hours. The token even surpassed the key $0.2 resistance level briefly, adding to the bullish momentum.

Market data shows a significant rise in trading activity around DOGE. Open interest, a measure of outstanding derivative contracts, jumped by 17.14%, while trading volume surged by 54.37%. Additionally, the funding rate turned positive, indicating a bullish sentiment among leveraged traders.

Technical indicators also suggest potential for further gains. The Relative Strength Index (RSI) sits at around 67, indicating room for the price to rise before entering overbought territory. Notably, DOGE recently formed a bullish “Bull Flag” chart pattern, and a breakout from this pattern suggests a continuation of the uptrend.

Crypto analyst Rekt Capital highlighted DOGE’s successful retest of a long-term downtrend followed by a 55% rally. This, combined with the formation of a Bull Flag pattern and a positive breakout, paints a bullish picture for the meme coin in the near future.