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Dogecoin has achieved another milestone, as Dogecoin whales recorded their biggest fundraising week since January 2024. More than 2.1 billion DOGE tokens were purchased during this period, underscoring the resurgence of interest and renewed confidence in the doggy-themed meme coin among prominent big investors.
Dogecoin Whales Set New Accumulation Record
Over the past week, Dogecoin whales have been in a significant rally, to buy more DOGE tokens than before since the beginning of this year, when the positive feeling around meme coins was high. The data from IntoTheBlock revealed that many Dogecoin addresses holding a large number of tokens collected over 2.1 billion last week.
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In addition, Dogecoin whale activity it has gradually increased over the past few weeks. The forum reports that big investors have moved approximately 16.24 billion DOGE tokens, valued at $2.76 billion, during the past seven days. In the last 24 hours, these whales have transferred another 8.53 billion tokens, worth about $1.29 billion.
This is the latter Dogecoin whale collection the trend represents the biggest buy in the last few months. A spike in whale activity also comes as Dogecoin price is seeing renewed momentum, with prices rising despite broader market volatility.
More often than not, whale activity is considered a strong indicator of market sentiment, suggesting that investors are likely to use a particular cryptocurrency. Given great influence these so-called whales can be in cryptocurrency, market experts carefully monitor their trades and movements to measure potential impacts on price trends and general market forces.
In the case of Dogecoin, data from CoinMarketCap reveals that the price of the meme coin increased by 6.01% last week. This price increase coincides with the recent increase in whaling activity. In addition, with Dogecoin closes October in the greenthe possibility of further price increases is still in play.
In addition to its increased whale activity, DOGE also experienced an increase in its market capitalization and trading volume. The trading volume of meme coins increased by 30.95% while the market cap increased to $22.12 billion, confirming its position as the 8th largest cryptocurrency.
DOGE TD Series Watches Buy Signal
While the Dogecoin whales are in full swing, crypto analyst Ali Martinez has gone revealed a new technical indicator that shows a change in market sentiment. I TD Sequentiala popular tool for identifying trend reversals, is now much brighter Buy Dogecoin signal.
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According to Martinez, a buy signal was seen on Dogecoin’s 4-hour chart, suggesting that the meme coin could be. ready to continue to the top. Due to this situation, the analyst predicts that if Dogecoin keeps the price above the support of $0.141, the meme coin can return to $0.162. It is important to note that the price of Dogecoin is currently trading at $0.15, according to CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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