Dogecoin (DOGE) Sees Epic Surge of $1 Million Transactions, What’s Going On?

Dogecoin (DOGE), the eighth-largest cryptocurrency, is experiencing a significant uptick in whale activity. In the past day, a significant surge in $1 million transactions has been seen.

The recent increase in such transactions for Dogecoin suggests that large holders are either accumulating more DOGE or moving substantial amounts of the cryptocurrency for other strategic purposes.

Data from blockchain analytics platforms show that these high-value transactions numbering over 150, involving amounts of over $1 million, have been reported in the last 24 hours.

#Dogecoin whale activity is on the rise! Over 150 $DOGE transactions, each exceeding $1 million, have been recorded in the past 24 hours. pic.twitter.com/04duEybvio

— Ali (@ali_charts) June 7, 2024

According to crypto analyst Ali, who cited Santiment data, “Dogecoin whale activity is on the rise. Over 150 DOGE transactions, each exceeding $1 million, have been recorded in the past 24 hours.”

Increasing institutional interest in cryptocurrencies, including Dogecoin, could be contributing to the rise in large transactions. Institutions entering the market often do so with substantial capital, leading to large transaction volumes.

Whales might be positioning themselves for anticipated price movements, either upward or downward, based on market analysis or news.

Dogecoin price action

At the time of writing, Dogecoin was down 1.38% in the last 24 hours to $0.161. Dogecoin has remained above the 50-day SMA of $0.1547 since late May, indicating strong demand near this level.

If this trend continues, Dogecoin may surpass the short-term barrier of $0.174, which is a crucial mark to monitor. If buyers break through this barrier, Dogecoin might rise to $0.21, and then to $0.23.

Conversely, if the price falls from the present level or the daily SMA 50, it may induce short-term selling. A breach below the 50-day SMA might reverse the short-term trend, sending Dogecoin to $0.14.

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