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Dogecoin (DOGE) has recently delighted investors with a performance that has sparked optimism. The approximately 8% price increase over the past week has pleased DOGE’s loyal followers and created a general sense of optimism in the crypto market. However, a shadow of uncertainty emerged due to a recent move by a major DOGE holder.
Dogecoin Investors Are Happy But
The increasing sentiment in the general crypto market has allowed DOGE to rise happily. Last week saw a significant price increase, and a 3% jump in the last 24 hours indicates that DOGE’s rise may continue. This development raised DOGE’s price to $0.152, bringing joy to long-waiting investors.
However, interest in DOGE has increased not only in the spot market but also in the derivatives market. Dogecoin Futures saw a 9% increase in open interest. This indicates that investors are increasingly interested in taking advantage of potential price movements through futures contracts.
Short Sellers Are in Trouble
However, short sellers have found themselves in trouble due to DOGE’s rise. According to Coinglass, short sellers recently faced a total liquidation of $2.27 million. This scenario, known as a short squeeze, could force short sellers to buy DOGE to close their positions, driving the price even higher.
Although DOGE’s future looks bright, a whale’s transaction has caused concern among the community. According to Whale Alert, approximately 200 million DOGE worth $30.86 million was transferred to the trading platform Robinhood. This move was interpreted as the whale preparing to cash out its assets, raising concerns that a large sale could put significant pressure on DOGE.
DOGE Tries to Break Daily Downtrend
From a technical analysis perspective, DOGE is trying to break its daily downtrend. This indicates a potential shift in market sentiment and is considered a positive sign for bulls. Additionally, it is noted that DOGE recently entered an order block, contributing to the price increase.
DOGE’s price performance and investor interest currently look quite positive. However, the actions of whales and general developments in the crypto market will continue to be important factors determining DOGE’s future price movements. Investors should carefully monitor these fluctuations and act with the right strategies.
