600 Million Dogecoin in 48 Hours: What's Going On?

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Dogecoin (DOGE), the dog-themed cryptocurrency, is experiencing a surge in activity as on-chain data reveals significant accumulation by large investors (whales). Crypto analyst Ali reports that "Whales have bought 600 million Dogecoin (DOGE) in the last 48 hours."

This influx of DOGE into whale wallets coincides with the broader cryptocurrency market's recent rally, which saw Bitcoin briefly surpass $104,000 for the first time since January. This bullish trend has positively impacted Dogecoin, potentially prompting whales to position themselves for further gains.

At the time of writing, Dogecoin is up 2.26% in the last 24 hours, trading at $0.2334. While it has slightly retraced after a three-day price jump, it remains 35% higher week-over-week.

Among the top 10 cryptocurrencies by market capitalization, DOGE's weekly gains are second only to Ethereum (ETH), which saw an impressive 38% increase over the past seven days.

DOGE Price Action

Early Sunday, Dogecoin reached its highest price since February 21st, hitting $0.259. This continues its upward trajectory from a low of $0.164 on May 6th, mirroring Bitcoin's approach to its all-time high.

Alongside price increases, open interest in Dogecoin futures contracts has risen by 9.84% in the last 24 hours, reaching $2.85 billion—a level not seen since mid-February (data from CoinGlass). Open interest represents the total value of unsettled futures contracts.

Currently, Dogecoin faces resistance at Sunday's intraday high of $0.259, near the daily 200-day Simple Moving Average (SMA) at $0.265. A decisive break above the daily 200-day SMA could signal further price increases. Conversely, support is anticipated around the daily 50-day SMA if the price declines. However, if momentum weakens, Dogecoin may consolidate between the 50-day and 200-day SMAs before its next significant move. Read original article on U.Today