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In a rare occurrence, Dogecoin’s whale activities saw a significant rise in the last 24 hours, drawing attention in the cryptocurrency market. One of the market’s notable figures mentioned a visible increase in DOGE transactions worth over 1 million dollars in the past 24 hours. The activities surfaced hours ago, and the price was consolidating around the $0.16 level, but things didn’t seem to go as expected afterward.
DOGE Whales Take Action
A post by Ali Martinez, a prominent market figure, stated that 151 different Dogecoin whale transactions occurred in the last 24 hours, each worth over 1 million dollars. Although the increase in on-chain whale transactions boosted optimism in the crypto market at that moment, the price drop seemed to overshadow this situation.
On the other hand, important data provided by Santiment revealed that the increase in transactions resumed once again after DOGE fell to the $0.15 level on June 2. Despite the uncertainties in the meme coin, whale activities were not hindered during that period.
The emerging situation increased rumors among market participants, and some admitted to acting cautiously. Meanwhile, the market outlook continues to maintain an optimistic stance due to the impact of increasing on-chain activities.
During this period, data indicating the accumulation of 200 million DOGE also drew attention. Despite the activities and the increase in accumulation by whales, Dogecoin presents a negative outlook today.
1 DOGE How Many Dollars?
As of the time of writing, the DOGE price experienced an 8.7% drop in the last 24 hours, similar to the overall market decline, and is currently trading at $0.1471. The token’s market cap also fell similarly, dropping to $21.2 billion.
Additionally, data provided by Coinglass showed a 2.73% drop in DOGE’s open interest in futures trading in the last 24 hours, while the derivative volume increased by 20.11%. As the data suggests, the declining interest from investors and the highly speculative nature of meme coins could cause the token to move in a volatile manner.
Meanwhile, DOGE’s RSI value also fell below the neutral 50 level and is at 40. This situation can be interpreted as sellers gaining strength, which could lead to larger price drops, although this is only a possibility, and a positive news event in the market could reverse the entire situation.
