Millions of DOGE Shifted Amid Bullish Golden Cross

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According to crypto data tracker Whale Alert, there has been a notable movement of Dogecoin in the past 24 hours.

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Whale Alert has reported significant Dogecoin movement, with over 631.3 million DOGE shifted in three transactions. Firstly, 92,313,653 DOGE valued at $6,812,612 moved from Robinhood to an unknown wallet. Secondly, a substantial amount of DOGE worth $35,261,581 was transferred from an unknown wallet to Bittrex. Thirdly, an unknown wallet deposited 70,087,832 DOGE, valued at $5,202,986, into Robinhood.

Dogecoin Witnesses Bullish Golden Cross, First Since 2022

Dogecoin has confirmed a bullish crossover on its daily chart, as the Moving Average (MA) 50 rose above the MA 200, forming a golden cross. This marks the first occurrence of a golden cross since November 2022, following a previous death cross in March. The last golden cross in November 2022 preceded a surge to highs of $0.104 before a subsequent downturn.

Despite the appearance of the golden cross, Dogecoin, at the time of writing, recorded a 3.41% decrease in the last 24 hours, trading at $0.074.

Navigating Dogecoin’s Golden Cross

While the recent golden cross on Dogecoin’s daily chart signals a bullish trend, traders are advised to remain vigilant. Moving average crossovers can be perceived as lagging indicators, potentially occurring when the market is already overbought or oversold, hinting at a possible correction.

On-chain analytics firm IntoTheBlock brings attention to a notable uptick in active Dogecoin addresses, marking an 87.1% increase since early November. The count of active Dogecoin addresses surged from 48,470 on Nov. 1 to 90,690 by Nov. 20, portraying a positive trend for Dogecoin.

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In a separate optimistic development, Pittsburgh-based Astrobotic aims to send a physical Dogecoin to the moon using the DHL Moonbox on Dec. 23, 2023, utilizing ULA’s Vulcan Centaur Rocket.

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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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