CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
60 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?
Market Musing-g

60 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?

U_Today
By U_Today
2 months ago
2 mins read
60 Billion Dogecoin (DOGE) in 24 Hours: What's Happening?
Cover image via U.Today
With an astounding 60 billion large transactions over the past 24 hours, Dogecoin has been making waves and setting a record for network activity. A significant move by large holders, sometimes known as whales, is reflected in this abrupt spike in volume, indicating heightened interest and activity among significant investors. Because of Dogecoin's community-driven momentum and reasonable price, this kind of whale movement frequently indicates that price movement is anticipated.
It is possible to interpret the on-chain data — particularly the increase in transaction volume — as a change in sentiment toward DOGE. Generally speaking, increased whale activity can result in increased volatility because their purchases or sales can have a significant effect on market values. A robust upward trend in Dogecoin's price, which recently hit $0.40 — a high not seen in recent months — corresponds with the notable increase in transaction volume.
This rally implies that DOGE is experiencing a resurgence of interest, which could be brought on by larger market rallies or increased social media activity. Technically, Dogecoin's price has risen significantly, surpassing earlier resistance levels at $0.22 and $0.30. As a traditional sign of sustained momentum, rising volumes are supporting this price surge.

In the upcoming days, DOGE might attempt to break through additional resistance levels around $0.45 if the current trend continues, but this would require steady demand and ongoing whale support to push higher. Whether Dogecoin can continue this growth in the future is still up in the air.

Memes like Dogecoin are historically volatile and frequently greatly impacted by social sentiment, whereas whale interest indicates confidence. Whale activity and retail interest would both need to keep up strong momentum if Dogecoin were to continue its upward trajectory. As with any asset fueled by community hype and big holders, caution is advised despite the recent spike in DOGE's transaction volume and price, which suggests a potentially bullish phase. Because Dogecoin has a history of abrupt corrections, traders should be on the lookout for stability above new support levels.

Read original article on U.Today
23 views
0 likes
|

Other articles published on Nov 15, 2024

Market Musing-g

Pepe Unchained hits landmark $30M milestone – presale ends in just 28 days

Pepe Unchained hits a $30M presale milestone, fueling excitement for its exchange launch and Ethereum Layer 2 goals. #partnercontent
By crypto.news
2 months ago
5 mins read
DeFi

BounceBit: The Bridge Between CeFi and DeFi Towards a Secure and Decentralized Financial Future

By kizoki_Yz
2 months ago
2 mins read
Market Musing-g

Could XRP and Other Altcoins Eclipse Bitcoin’s Reign?

Key Points Bitcoin’s dominance is a key indicator for future altcoin trajectories, with its recent surge to a new all-time high of $93K. Despite Bitcoin’s consolidation below $90K, historical patte...
By CoinEagle.com
2 months ago
4 mins read
Market Musing-g

China’s economy picks up pace – but recovery remains fragile

China's October’s industrial production rose 5.3% compared to the same month last year.
By Cryptopolitan_News
2 months ago
6 mins read
Market Musing-g

Michael Saylor predicts Bitcoin will soar to $100k amid Trump’s pro-crypto administration

MicroStrategy CEO Michael Saylor is expecting Bitcoin to hit $100,000 before the end of the year, stating that the 2024 U.S election outcome was ‘the biggest thing that’s happened in the past four ...
By crypto.news
2 months ago
3 mins read
Market Musing-g

1500% or 5000% Price Explosion for Ripple’s XRP in Play, Analyst Expects ATHs From $9 to $27

Bitcoin’s new ATH remains as asset hovers at the $88,000 price range. Analysts expect new ATHs for BTC soon as they do with most altcoins. When altseason begins, XRP could hit new ATHs between $9 a...
By Crypto News Land
2 months ago
3 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!