Whales Increase Dogecoin Activity

DOGE Comments

Although the initial data on DOGE reflected negativity, things seemed to change by July 11. The existing market flow turned from negative to positive, reaching 364.38 million tokens. This rise indicated an 868% increase, showing that whales were visibly buying.

Such purchases by whales can generally trigger a price increase, as the group usually buys due to confidence in a price rise. However, the price movement does not currently reflect this.

At the time of writing, DOGE’s price is trading around the $0.1077 region. The last 24 hours showed a 0.30% decrease, while the 7-day outlook revealed a 3.60% increase.

Will DOGE Rise?

Generally, an increase in open interest in the market also brings a positive trend, often triggering a rise. However, when open interest falls, the price can also drop. As of the time of writing, on-chain data provided by Santiment showed Dogecoin’s Open Interest had fallen to $2.51 billion.

At the time of writing, the presence of high liquidity around the $0.11 region on the DOGE chart was noticeable. Based on this price level, it can be predicted that DOGE might rise from its current position.

The post first appeared on COINTURK NEWS: Whales Increase Dogecoin Activity