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In an unprecedented turn of events, Dogecoin whale activity has raised eyebrows across the broader crypto industry, spiking phenomenally in the past 24 hours. According to a post shared by a renowned crypto market analyst, whale transactions of over $1 million in value have risen remarkably. This on-chain activity surge comes amid a consolidation period witnessed by DOGE near the $0.16 price level, stirring a whirlpool of speculations over the coin’s future price trajectory. Let’s delve deeper into the token’s on-chain stats.
<h2 id="over-150-whale-transactions-exceeding-1m-coins-report">Over 150 Whale Transactions Exceeding 1M Coins: Report</h2>
In a post shared by the well-known crypto market analyst Ali Martinez, it was highlighted that 151 Dogecoin whale transactions took place in the past 24 hours, with each transaction exceeding $1 million in value. This significant surge in on-chain whale activity has triggered a wave of optimism for the cryptocurrency, underlining the growing confidence in the asset among large-scale investors.
Meanwhile, <a rel="noopener noreferrer nofollow" href="https://santiment.net/" target="_blank">whale data</a> from Santiment shows that the surge in transactions once again began after June 2, when DOGE dropped to the $0.15 price level. Further, whale activity has continued to rise despite the meme coin’s signs of consolidation. This has led to a variety of interpretations among investors, with some expressing caution. However, the prevailing market sentiment remains optimistic, buoyed by the increased on-chain activity.
<img decoding="async" class="aligncenter wp-image-201133" src="https://coingape.com/wp-content/uploads/2024/06/DOGE-Whale-Activity.png" alt="DOGE Whale Activity" width="540" height="258" srcset="https://coingape.com/wp-content/uploads/2024/06/DOGE-Whale-Activity.png 1477w, https://coingape.com/wp-content/uploads/2024/06/DOGE-Whale-Activity-300x143.png 300w, https://coingape.com/wp-content/uploads/2024/06/DOGE-Whale-Activity-1224x585.png 1224w, https://coingape.com/wp-content/uploads/2024/06/DOGE-Whale-Activity-768x367.png 768w, https://coingape.com/wp-content/uploads/2024/06/DOGE-Whale-Activity-150x72.png 150w" sizes="(max-width: 540px) 100vw, 540px">
A recent report by CoinGape media further highlights a whopping 200 million <a href="https://coingape.com/dogecoin-price-massive-doge-accumulation-signals-potential-rally-ahead/" target="_blank" rel="noopener noreferrer nofollow">DOGE accumulation</a>, tilting the balance toward the optimistic side. However, despite the surge in whale activity and accumulation, Dogecoin traded in the red today.
Also Read: <a href="https://coingape.com/news/stocks/gamestop-gme-stock-price-braces-for-fall-as-75m-shares-selloff-looms/" target="_blank" rel="noopener noreferrer nofollow">GameStop (GME) Stock Price Braces For Fall As 75M Shares Selloff Looms</a>
<h2 id="doge-price-slips">DOGE Price Slips</h2>
As of writing, <a href="https://coingape.com/price/dogecoin/" rel="noopener noreferrer nofollow">DOGE price</a> fell 1.54% in the past 24 hours and is currently at $0.1601. The token shows signs of a sideways trading session in the past 24 hours, with its 24-hour bottoms and peaks being $0.1587 and $0.164, respectively. Besides, weekly charts further highlight the token’s consolidatory movement.
Coinglass insights reveal that DOGE’s futures OI dipped 2.73% today, whereas derivatives volume rocketed 20.11%. Reduced investor interest and speculative trading, as flagged by the data, could further be aiding the token’s volatile movement.
Meanwhile, the RSI rested at 50, hinting at the market’s lack of significant buying or selling pressure on the asset. This data has ignited a cyclone of uncertain speculations over Dogecoin’s price action ahead despite the soaring whale activity.
Also Read: <a href="https://coingape.com/bitcoin-dips-after-us-job-data-fuels-fed-rate-cut-concerns/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Dips After US Job Data Fuels Fed’s Rate-Cut Concerns</a>
The post <a href="https://coingape.com/dogecoin-whale-activity-soars-as-price-consolidates-at-0-16-whats-next/" rel="noopener noreferrer nofollow">Dogecoin Whale Activity Soars As Price Consolidates At $0.16, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Whale Activity Soars As Price Consolidates At $0.16, What’s Next?

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