Dogecoin

Bitcoin ETF

Billion

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<p dir="ltr">After a weeklong drawdown in the performance of the top altcoins occurs, Dogecoin is now making a major move toward recovering its valuation. Different metrics are lending credence to this recovery attempt as the trading volume over the past 24 hours has&nbsp;<a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">jumped</a> more than 58% to $600,461,241.</p>
<h2 id="what-doge-whales-are-up-to">What DOGE whales are up to</h2>
<p dir="ltr">In the round-up of the weekend's growth, Dogecoin whales exerted influence over the market by acquiring a total of 6.4 billion DOGE overnight.&nbsp;<a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=financials&amp;chart=largeTransactions" rel="noopener noreferrer nofollow">Per</a> data from crypto analytics platform IntoTheBlock, Dogecoin whale transactions jumped from a low of 5.37 billion DOGE in the past seven days to about 11.74 billion DOGE before settling at the current figure.</p>
<p dir="ltr">These whale transactions mark those Dogecoin-related accumulations that are worth at least $100,000. When whales accumulate, it is a show of confidence that a price rally might accompany the surge.&nbsp;</p>
<p dir="ltr">The trend in Dogecoin suggests this rally might soon be recorded. Already, there has been an elongated bearish drawdown as the price is down 1.59% in 24 hours to $0.134. The coin has also extended its slump to 7.12% over the past week.&nbsp;</p>
<p dir="ltr">If the&nbsp;<a href="https://u.today/dogecoin-doge-sees-epic-surge-of-1-million-transactions-whats-going-on" rel="noopener noreferrer nofollow">whale buy-ups continue</a>, there might be a shift in stance, helping to drive scarcity in the supply of Dogecoin, potentially triggering a price surge.</p>
<h2 id="market-sentiment-s-role">Market sentiment's role</h2>
<p dir="ltr">Dogecoin’s influence on the market is gradually reducing atop its $19,464,473,979 market cap. Rather than fueling a market drawdown, it is more susceptible to being influenced by the broader trend in the ecosystem.</p>
<p dir="ltr">This is good positioning, as its correlation with BTC might pay off when the&nbsp;<a href="https://u.today/bitcoin-etfs-back-to-inflows" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a> inflows help return the top coin to its All-Time High (ATH). In the meantime, Dogecoin developer Mishaboar has&nbsp;<a href="https://u.today/dogecoin-insider-issues-important-risk-warning-to-community" rel="noopener noreferrer nofollow">cautioned</a> the community against the risk of pursuing alternatives without proper risk assessment.</p>

6.4 Billion Dogecoin (DOGE) Shuffled as Whales Are Waking Up

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