Shiba

Dogecoin

Pepe

Shiba Inu

<div class="finbold">
 <p class="paragraph">Dogecoin (DOGE) has attracted significant attention from crypto investors, with a whopping $110 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> funneled into the meme coin by whales over the past 72 hours.</p>
 <p class="paragraph">This influx signals a renewed interest in DOGE, which has lagged behind other meme coins in recent gains.</p>
 <p class="paragraph">Crypto analyst <em>Ali Martinez</em> highlighted this in a recent post on X (formerly Twitter), revealing that DOGE whales have scooped over 700 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> DOGE (worth approximately $112 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>).&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Ripple could sell 400 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> XRP in June; Largest dump in 7 years <span class="self-center text-xs text-slate-500">46 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Global crypto investors population surpasses half-a-billion mark, study shows <span class="self-center text-xs text-slate-500">17 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Sell-off alert as 4 trillion SHIB sent to exchanges in two weeks <span class="self-center text-xs text-slate-500">17 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    ChatGPT-4o predicts XRP's price after rollout of Ripple's stablecoin <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#Dogecoin whales have bought over 700 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> $DOGE in the past 72 hours, worth around $112 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>! pic.twitter.com/zpMoHz1azX</p>— Ali (@ali_charts) May 31, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">This trend aligns with a broader shift among traders towards high-beta meme tokens like Shiba Inu (SHIB) and Pepe (PEPE).</p>
 <p class="paragraph">According to Singapore-based <em>crypto-trading </em>firm<em> QCP Capital</em>, traders are shifting their focus to legacy meme coins.&nbsp;</p>
 <p class="paragraph">“Traders are shifting focus to higher beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE), which have seen double-digit gains (10-20%) and are polling in the top 10 for open interest,”&nbsp;</p>
 <p class="paragraph">Adding to the optimism, crypto expert <em>Michael van de Poppe</em> projected in a May 31 X (formerly Twitter) post that Dogecoin is poised for a massive breakout in the future, potentially resulting in a price <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> of approximately 566% to reach the coveted $1 mark.&nbsp;</p>
 <p class="paragraph">The $1 threshold has long been a target price for the meme cryptocurrency.</p>
 <h2 class="wp-block-heading" id="h-market-sentiment-and-price-movements">Market sentiment and price movements</h2>
 <p class="paragraph">Dogecoin, the first and one of the most popular meme coins, initially gained massive popularity and triggered a significant bullish wave within the markets. However, trader activity faded over time, reducing the token’s volatility.&nbsp;</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="900" height="723" src="https://cdn.thebittimes.com/images/2024/06/02/694d806a628c8e967444fe50d32e72ea.webp" alt="" class="wp-image-180141" srcset="https://cdn.thebittimes.com/images/2024/06/02/694d806a628c8e967444fe50d32e72ea.webp 900w, https://cdn.thebittimes.com/images/2024/06/02/694d806a628c8e967444fe50d32e72ea.webp 300w, https://cdn.thebittimes.com/images/2024/06/02/694d806a628c8e967444fe50d32e72ea.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>DOGE 7-day price chart. Source : Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">This recent activity suggests that a significant price turn could be on the horizon. Dogecoin has remained below $0.18 for over a month, and a strong rebound from current levels might trigger a fresh rally.&nbsp;</p>
 <p class="paragraph">At the time of writing, Dogecoin is trading at $0.1576, reflecting a 1.09% decrease on the daily chart but an 18% increase on the monthly chart.</p>
 <p class="paragraph">Historical price action suggests Dogecoin is slowly yet steadily heading towards its highs.</p>
 <p class="paragraph">Despite closing the previous month on a bearish note, bulls have regained some dominance. The moving average convergence divergence (MACD) indicator has just turned bullish and entered the positive range, indicating that the rally may continue despite bearish interferences.</p>
 <h2 class="wp-block-heading" id="bullish-and-bearish-indicators">Bullish and bearish indicators</h2>
 <p class="paragraph">Despite a brief downturn where bullish momentum failed to breach the 24-hour high of $0.1613, DOGE found support after dipping to $0.1549. This slight recovery saw DOGE’s market capitalization hit $22.79B, although the 24-hour trading volume dropped by 34% to $536.24 million.</p>
 <p class="paragraph">However, bearish risks remain. DOGE’s open interest (OI) has declined by 0.34% to $929.80 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>, and derivatives volume has dropped by 39.89% to $1.08 billion.&nbsp;</p>
 <p class="paragraph">These indicators reflect underlying bearish sentiment but do not overshadow the substantial whale activity, which suggests a positive outlook for Dogecoin.</p>
 <p class="paragraph">Therefore, while Dogecoin is striving to maintain a bullish trend, investors should remain cautious of the bearish indicators.</p>
 <p class="paragraph">A fresh upswing may begin if bulls display strength at these levels, potentially driving a significant rally for the meme coin.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/whales-pour-110-million-into-doge-betting-big-on-meme-coin-surge-tbt90944.html">https://thebittimes.com/whales-pour-110-million-into-doge-betting-big-on-meme-coin-surge-tbt90944.html</a></p>

Whales pour $110 million into DOGE, betting big on meme coin surge

Table of Contents

TheBitTimes

Other articles published on Jun 2, 2024

BlockDAG Leads With 30,000x ROI And Expands Payment Options, Surpassing Ethena And Toncoin

New Solana Memecoin Eminem’s Spaghetti (EMINSPAG) to Skyrocket 14,000% as KuCoin Listing Announce...

Top Altcoins for Big Gains in 2024

Terra Luna Classic Plans Major Upgrade

Top Altcoin with Massive Upside Potential

Top 3 Cryptos to BUY in 2024 and Profit BIG!

Join our free newsletter for daily crypto updates!