Whales in the Dogecoin community have recently bought 700 million $DOGE worth about $112 million in the last 72 hours, as stated by technical and on-chain analyst Ali Martinez. Such a large purchase suggests a high level of demand for the popular memecoin.
#Dogecoin whales have bought over 700 million $DOGE in the past 72 hours, worth around $112 million! pic.twitter.com/zpMoHz1azX
— Ali (@ali_charts) May 31, 2024
Memecoins $SHIBA, $DOGE, $PEPE Lead Gains as Traders Diversify
Bitcoin has been in a range above $67000 since May 23rd. However, some traders are now considering memecoins such as DOGE due to the increased supply from the Mt. Gox exchange.
QCP Capital, a Singapore-based crypto trading firm, revealed that traders are now turning to legacy memecoins. These are Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE) that have recorded double-digit percentage gains of between 10-20% and ranked among the top 10 in the OI list.
A check showed that both PEPE and Floki (FLOKI) have had their open interest rates increased in the last 24 hours. Nevertheless, the OI for Dogecoin is in the red and fell by approximately 5% which might slow down a V-shaped short-term bounce for DOGE.
Dogecoin Nears Key Support at $0.15 Amid Bearish Indicators
The open interest for Dogecoin has been declining from May 27th and is now below $900 million, suggesting a bearish outlook. In addition to this, the declining CVD points to the fact that sellers have had a stronger position since May 27th.
Still, DOGE is close to an essential short-term support at $0. 15. An increase in demand could boost DOGE to the short-term supply range of $0. 17 or $0. 20. Market players are eager to see how DOGE will behave in this emerging environment.