Dogecoin Whales Accumulate 311 Million DOGE, Price Soars$DOGE
The increase in the price of Dogecoin has accelerated thanks to the recent massive purchases by big whales. Market analysts expect the price of DOGE to reach the $0.4 level.
While Dogecoin was at $0.321388, whales of the meme coin created a flurry of activity in the crypto market by buying a significant amount of DOGE. According to on-chain data, over 300 million DOGE has been withdrawn from crypto exchanges in the recent period. This movement has increased investors’ optimism about the coin’s future price movements.
Big Transfers from Whales
According to data shared by blockchain tracking platform Whale Alert on November 11, Dogecoin whales have withdrawn 311 million DOGE from exchanges in the last 24 hours. 200 million of this amount was taken from the Binance exchange for a value of $56.38 million, while 111 million DOGE was transferred from Robinhood’s crypto trading section for a value of $30 million.
Following these large purchases, it was observed that 98 million DOGE were sent back to Binance and Robinhood on the same day. Although these transactions led to a short-term price drop, the price of DOGE rose again due to the dominance of buyers.
DOGE Price Status and Comments
The Dogecoin price is currently trading at $0.32, registering a double-digit increase in the last 24 hours. In addition, DOGE’s daily trading volume increased by 222% to $18.60 billion. This indicates increased investor interest and a positive atmosphere in the market outlook. The 84% gain on the weekly chart also indicates that the meme coin has entered a bull market. Considering that the overall market volume has fallen to $20 billion in the past months, DOGE’s current trading volume can be considered a great success.
If we remember that PEPE Coin attracted the attention of major exchanges last year with a trading volume of several billion dollars, the fact that DOGE has achieved a similarly significant volume is a remarkable development.
Whales’ Purchases and Market Confidence
Recent analysis shows that wallets holding between 100 million and 1 billion DOGE are increasing. This indicates that investor confidence in the market is increasing. In addition, the cup-handle formation seen on DOGE’s price chart indicates a 53% increase potential. This shows that Dogecoin is likely to reach its $0.4 target.
In light of this data, it can be said that Dogecoin's position in the market has strengthened and the purchases made by big whales have increased positive expectations for the coin's future price movements.