• 19 June, 2024
Market News

DOGE Roars as Whale Moves & Bullish Calls Spark Meme Coin Frenzy

Dogecoin, the popular meme-inspired cryptocurrency that captured the attention of the crypto world in 2021, is once again making headlines due to a flurry of recent whale activity. The technical analysis revealed a bullish trend, and a price surge that has caught both bulls and bears off guard. Despite losing its place among the top 10 cryptocurrencies by market cap, DOGE has refused to fade into obscurity, instead sparking a wave of speculation and excitement among investors.

https://twitter.com/whale_alert/status/1757472126817247650

On February 13th, Whale Alert, a reputable blockchain tracker, reported a massive transfer from an unknown wallet to a destination outside of Robinhood, the popular trading platform. This was not an isolated event, as several significant DOGE transactions emerged within the previous 24 hours, further fueling the hype around the cryptocurrency.

While large DOGE transfers happen from the same Robinhood address, a closer look reveals these are three separate events. The first transaction  of 72.2 million DOGE took place on February 13th at 18:28 UTC, moving coins to an unknown wallet address (DEndnpPewG…gWLmkNMAtU). Additionally, smaller amounts were sent to two other addresses.

The Second transaction of 150 million DOGE was earlier that day at 01:25 UTC heading to a different unknown wallet (DDuXGMFNGp…MBruc1wwKF).

And the third transaction of another 100 million DOGE was just 22 minutes later at 01:47 UTC, and was sent from Robinhood to the same DDuXGMFNGp…MBruc1wwKF address.

Responding to the whale activity, DOGE’s price skyrocketed, defying recent bearish trends. The sudden surge coincided with a rise in open interest in its derivatives market, pointing to an increase in bullish bets and investor activity. This convergence of events painted a picture of renewed confidence in the meme coin.

Adding to the excitement, technical analyst Captain Faibik shared a chart on social media that generated a buzz among DOGE enthusiasts. The chart revealed a downward-sloping triangle pattern in DOGE’s price action, which has historically been a precursor to potential breakouts. Faibik boldly predicted a 30% bullish rally if DOGE can breach the $0.08199 resistance level, with eyes set on reclaiming its December high of $0.106 by March.

This renewed interest in DOGE highlights the unique dynamics of the cryptocurrency market, where memes, speculation, and technical analysis can blend to create captivating narratives. The meme coin’s resilience is proving the fact and reminding everyone that in the crypto world, nothing is ever truly dead.

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