Dogecoin has made an impressive splash in the crypto market, thanks to its whale activity fueling optimism about the coin’s future. On Monday, Dogecoin whales sent ripples through the industry, accumulating massive amounts of the dog-themed meme crypto amid a broad market bull run. On-chain stats have revealed that over 300 million DOGE tokens were withdrawn from crypto exchanges in a surge of buying pressure, sparking bullish sentiments and encouraging investors to set their sights on a potential $0.4 target.
Whale Activity Sparks Excitement
Data from blockchain tracking platform Whale Alert reveals that an incredible 311 million Dogecoins were pulled off exchanges in the last 24 hours. In one noteworthy transaction, a whale address starting with “DGm..dUB” withdrew 200 million coins, valued at $56.38 million, from Binance. Another significant move saw the whale address “DGG..X5S” bag 111 million tokens, worth $30 million, from Robinhood’s crypto trading division.
These massive accumulations have underscored growing market confidence in Dogecoin, painting a bullish picture for the meme coin. At the time of writing, DOGE was trading at $0.2793, experiencing an impressive 21% jump over the past day. This surge came alongside a trading volume spike of 222%, hitting $18.60 billion, and signaling heightened trader interest.
A Dormant Whale Awakens After 11 Years
Adding to the intrigue, on-chain data shows that a previously dormant DOGE whale has stirred after an astounding 11 years of inactivity. This sudden awakening has fueled curiosity, leaving market watchers eager to see what this whale will do next and how it might impact Dogecoin’s market performance.
However, it’s not all smooth sailing. On the same day, data flagged some hefty whale dumps that momentarily disrupted Dogecoin’s price momentum. Specifically, two major transactions resulted in a total of 98 million DOGE being offloaded onto Binance and Robinhood, causing a sharp but brief drop in the coin’s value. Despite these fluctuations, the overall market sentiment remains optimistic, with the massive accumulations overshadowing the dumps.
Can Dogecoin Reach $0.4?
The question on everyone’s mind: can Dogecoin hit the much-anticipated $0.4 mark? According to a price analysis by CoinGape Media, wallets holding between 100 million and 1 billion DOGE have significantly boosted their accumulation, signaling increased confidence among major investors. The analysis also points to a bullish cup-and-handle pattern on the price chart, indicating a potential 53% surge that could propel Dogecoin closer to the $0.4 level.
The meme coin has also enjoyed 84% gains on the weekly chart, further amplifying the enthusiasm among traders and investors. Coupled with the whale buying spree and strong technical indicators, the road to $0.4 is not just a dream but a tangible target that could be within reach.
Conclusion
Dogecoin continues to be a fascinating asset in the crypto market, driven by both enthusiastic communities and strategic whale movements. The recent whale accumulations, rising intraday trading volumes, and bullish chart patterns all align to present a strong case for DOGE’s upward momentum. While price dumps and market corrections are always a possibility, the outlook remains bright for Dogecoin believers.
Stay tuned as we keep an eye on this dynamic story and watch whether Dogecoin will finally achieve the coveted $0.4 milestone!
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QUEEN WHALE
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