Dogecoin (DOGE) has generally maintained its market value, despite a brief drop following major crypto transfers. While massive whale transfers from Robinhood are drawing attention, DOGE is observed to be moving sideways at $0.39. With the increasing interest of whales in particular, Dogecoin prices are fluctuating.
According to data shared by Whale Alert, two large Dogecoin transfers have attracted attention. In the first transfer, 58.8 million DOGE, worth approximately $21.3 million, was sent to a Coinbase wallet. The second large transfer, $12.5 million worth of DOGE, was sent to an unknown address. It is thought that this transaction may be a strategy by a large investor aiming to accumulate DOGE, as the sent address does not belong to an exchange.
Cryptocurrency experts note that large volumes of transactions, especially to unknown wallets, are usually a positive sign. Such movements may indicate that investors plan to hold their assets for the long term and have confidence in the market. One popular analyst highlighted the potential for DOGE to reach $0.9 in the future.
Thanks to Elon Musk’s continued support and the D.O.G.E program, Dogecoin continues to attract the attention of whales and large investors. With the recent strong rise, DOGE has gained great momentum. However, after this five-week rally, a correction signal has emerged with the resistance level of $0.43 being reached.
The total market value of Dogecoin is currently around $55 billion. The Relative Strength Index (RSI), one of the technical analysis tools, shows that DOGE may experience a short-term decline. However, long-term positive expectations and potential increases continue.
The withdrawal of the large compensation lawsuit filed against Elon Musk, which was an important factor in Dogecoin's rise in recent months, also provided relief to the market. Investors have increased their confidence in DOGE by showing a more optimistic attitude after the rejection of the $258 billion lawsuit request. Whale movements continue to give important signals for the future of Dogecoin.