Dogecoin, a well-known meme coin in the crypto world, made headlines when large whale accumulations were spotted. According to Whale Alert, a blockchain tracking platform, Robinhood, an American financial services company, amassed a whopping 276.21 million DOGE.
The recent accumulation of Dogecoin sparked widespread interest among global crypto traders and investors, driving a bullish trend in the market. According to CoinmarketCap, the meme coin saw a significant 7.28% price surge at the time of reporting. Derivatives data also suggested an upward trend, aligning with the whale accumulations and further fueling optimism surrounding Dogecoin.
Dogecoin Whales’ Accumulations Drive Bullish Sentiment
According to Whale Alert’s data, two significant whale transactions contributed to the accumulation of Dogecoin from Robinhood. The first transaction saw the accumulation of 172.89 million DOGE, valued at $16.59 million, by the address DEndnpPewG…gWLmkNMAtU. Meanwhile, the second transaction showed that the address DGG1Ght6LB…pcSXme8X5S accumulated 103.32 million DOGE, worth $9.87 million.
Such substantial accumulations typically impact market sentiment by reducing supply and potentially boosting prices. In line with this trend, these transactions suggested a bullish sentiment for Dogecoin, as the meme coin’s price surged amid the accumulations. This recent significant pump marked a departure from DOGE’s previous sluggish performance, contrasting the coin’s perceived value and hype surrounding Dogecoin.
Bullish Momentum for Dogecoin Signals Potential Price Surge
As of the latest update, Dogecoin recorded a notable 7.28% pump over the past 24 hours, with its price currently standing at $0.09871. Additionally, the meme coin’s market cap and 24-hour trading volume surged by 7.71% and 146.81%, respectively.
Coinglass data revealed a significant 15.06% surge in DOGE’s open interest, accompanied by a 191.73% increase in volume. These statistics suggest the entry of new funds into the market and heightened market activity.
Taken together, the data indicates a bullish sentiment surrounding Dogecoin, potentially setting the stage for a surge towards the $0.01 mark. Adding to this optimism is speculation regarding a potential partnership between Dogecoin and Ferrari, further bolstering the bullish stance.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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