- Dogecoin’s key on-chain signals turn green as DOGE nears $0.10.
- One whale makes two simultaneous transfers, encircling $26.5M.
- DOGE fires up 4.20% gains amid high price correlation with BTC.
Dogecoin is nabbing the attention of the cryptosphere again as the memecoin heads towards its long-term goal of $0.10. Heavily supported by two massive crypto whale transactions over the last 24-hour period, DOGE embarked on an upward price momentum this Wednesday to retest the $0.10 barrier twice.
A slight market correction sent DOGE below $0.10 at 9 AM, and another attempt in the afternoon was unsuccessful in sustaining above the craved price range. However, Dogecoin’s price movement suggests that a third attempt to maintain the $0.10 price zone is incoming, as DOGE strengthens its positions with three bullish on-chain signals.
The increase in net network growth and large transactions depicts a rising interest rate in DOGE, as confirmed by the spectacular 86% rise in new wallet addresses, according to blockchain analytics platform IntoTheBlock. DOGE witnessed a 37% rise in active crypto wallet addresses on the largest Proof of Work (PoW) chain besides Bitcoin (BTC).
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The large transactions metric alludes to cryptocurrency whales waking up from their crypto winter’s sleep and joining the Bitcoin and Ethereum-led bullish party. One massive whale has been spotted relocating a hefty 276 million Dogecoins in two simultaneous transactions on Tuesday evening.
Here’s What the 276M DOGE Whale Transfer Implies
This hefty sum was transferred to a decentralized cryptocurrency address in two parts. The whale initially cashed out 172,893,653 Dogecoins, converting to $16,598,604 at stamped transaction time. The withdrawal was made from Robinhood, a popular retail crypto exchange in the United States.
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Just 15 minutes later, the same whale sent another 103,327,256 Dogecoins from their Robinhood account to a decentralized cryptocurrency address. This time, the deed was valued at $9,878,200. According to the blockchain data explorer Blockchair, the receiving end of these two transfers now holds 2,296,915,819.41800022 DOGE, equivalent to $164,392,161.61.
Dogecoin’s Price Movement Draws Similarities to 2021
Crypto wisdom reminds us that the accumulation phase among whales tends to kick in when the market sentiment is strongly positive, as amassing a cryptocurrency in a self-custodial wallet signifies belief in the related crypto. Certainly, the nearest key level to watch is $0.10, as it depicts a historically judicious psychological level.
This has been further noted by several cryptocurrency analysts, drawing historical parallels between the latest Dogecoin price movement and the tremendous voyage to the all-time high of $0.73, recorded in May 2021.
The similar traits in Dogecoin’s technical setup were spotted by Ali Martinez, who explained that DOGE is breaking out of a long-term descending triangle similar to that of 2020, before DOGE embarked on the monumental 28,770% bull run.
On the Flipside
- Given that Dogecoin (DOGE) is mimicking the rally to $0.73 in May 2021, it’s noteworthy that DOGE is still 86.5% down from the all-time high.
- While this hints at growth potential in a bullish scenario, the key support level at $0.085 could be decisive in realizing this potential.
Why This Matters
Dogecoin is the leading meme currency and the second largest Proof of Work (PoW) blockchain, aside from Bitcoin (BTC).
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