Dogecoin (DOGE) has seen a noticeable increase in whale activities in recent days. According to data provided by IntoTheBlock, significant moves were made by the Dogecoin whale community between July 9-11. For instance, on July 9, the flow from whales indicated -37.05 million. The negative net flow suggests that whales were visibly selling.
DOGE Comments
Although the initial data on DOGE reflected negativity, things seemed to change by July 11. The existing market flow turned from negative to positive, reaching 364.38 million tokens. This rise indicated an 868% increase, showing that whales were visibly buying.
Such purchases by whales can generally trigger a price increase, as the group usually buys due to confidence in a price rise. However, the price movement does not currently reflect this.
At the time of writing, DOGE’s price is trading around the $0.1077 region. The last 24 hours showed a 0.30% decrease, while the 7-day outlook revealed a 3.60% increase.
Will DOGE Rise?
Generally, an increase in open interest in the market also brings a positive trend, often triggering a rise. However, when open interest falls, the price can also drop. As of the time of writing, on-chain data provided by Santiment showed Dogecoin’s Open Interest had fallen to $2.51 billion.
On the other hand, the analysis of DOGE’s liquidation heatmap presented a different view to investors. The mentioned heatmap shows the price levels where liquidations can occur in the examined cryptocurrency. Points with high liquidity are seen as places where large investors can move the price to gather liquidity in the market.
At the time of writing, the presence of high liquidity around the $0.11 region on the DOGE chart was noticeable. Based on this price level, it can be predicted that DOGE might rise from its current position.
However, if buying pressure decreases and a decline begins due to market conditions, there is also a liquidation zone around the $0.098 region. Bears might pull the price to this level to liquidate long positions.
