Dogecoin Could Rise Towards US$0.16 as Whales Move 276 Million DOGE

With the cryptocurrency market on the rise, Dogecoin (DOGE) is once again in the spotlight, this time due to a significant advance towards its long-term goal of reaching $0.10.

This momentum is particularly notable, having been driven by two gigantic transactions in the last 24 hours. On Wednesday, DOGE tested the $0.12 resistance, signaling renewed confidence among investors. At the time of publication, the price of DOGE was quoted at US$0.1167 with an increase of 18% in the last 24 hours.

However, the market experienced a correction, causing DOGE’s value to fall below $0.10 during the day. Despite these setbacks, Dogecoin’s price behavior suggests that a new attempt to consolidate above $0.12 may be on the horizon, with bullish indicators gaining strength. The next major resistance is near the $0.1250 level, above which the price could visit the $0.160 resistance.

This optimism is reinforced by notable growth in the Dogecoin network and an increase in significant transactions. The IntoTheBlock platform reported an impressive 86% growth in new DOGE wallet addresses, a clear sign of growing interest. Furthermore, a 37% increase in active wallets on the largest Proof of Work (PoW) network, excluding Bitcoin (BTC), was observed, highlighting an upward trend in DOGE adoption.

Whale activity is also a crucial factor in this narrative, with an increase in large-scale transactions. Notably, one whale transferred a staggering 276 million Dogecoins in two consecutive transactions.

The first movement involved 172,893,653 DOGE, equivalent to US$16,598,604, carried out through Robinhood, one of the main exchanges in the United States. Then, just 15 minutes later, the same whale transferred another 103,327,256 DOGE, with a value of $9,878,200, to a decentralized address.

These actions resulted in an accumulation of 2,296,915,819.41800022 DOGE, totaling a value of US$164,392,161.61 at the recipient’s address, according to information from Blockchair.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.