Dogecoin Price: Whales Accumulate 204 Million Dogecoins from Binance, Is $1 Viable?
Amid DOGE’s price volatility, Dogecoin whales have accumulated over 200 million coins, fueling optimism about the coin’s future price action.
Dogecoin, one of the world’s largest meme-based cryptocurrencies by market cap, has today (April 5) seen a wave of speculation among crypto market enthusiasts as it noted a staggering amount of whale activity during a period of price depression.
Insights revealed by blockchain trackers show that whales have accumulated nearly 204 million DOGE, coinciding with the coin’s correction and consolidation period in the wider crypto market.
This immediately sparked speculations of a price increase for DOGE in the near future, reflecting the recent rapid growth in whale accumulation, which in turn shows market confidence in the asset. However, following a dominant move in the green zone over the past 24 hours, the DOGE coin is down at press time, with the coin’s market dynamics further sketching out a mysterious scenario for Dogecoin’s price upside potential.
DOGE whale accumulation drives wave of optimism. Interestingly, data from Whale Alert shows that an unknown address on Binance has accumulated 204.58 million XRP, worth $35.17 million, today (April 5). The transaction was made during the correction and consolidation witnessed by DOGE, sparking optimistic speculation about enhanced future price action, consistent with whales’ confidence in the asset.
Meanwhile, the broader market speculates on a potential rally for DOGE after the BTC halving, believing that the accumulation is somehow in line with this. As reported by CoinGape Media over the past few days, DOGE whale accumulation has been growing rapidly as on-chain whale activity has increased, which together has fueled investor enthusiasm for a quick increase after this healthy correction is complete.
Nonetheless, on-chain data has brought bearish sentiment to Dogecoin, further questioning the coin’s ability to scale to $1 in the future.
Dogecoin Price Slide: As of the time of writing, the price of the Dogecoin token has fallen by 2.21% over the past 24 hours, currently priced at $0.1738. Its 24-hour low and high were $0.1718 and $0.1881, respectively.
On-chain data disclosed by Coinglass showed that the token’s open interest fell by 5.81%, while trading volume fell by 13.52%. This puts DOGE into a bearish phase today, indicating a decrease in market activity and less investor interest in the coin. This, in turn, signals a downtrend, questioning DOGE’s potential to touch $1.
Meanwhile, as mentioned above, whales appear to be accumulating staggering amounts of DOGE, adding to the buying pressure in the market. Analysis by CoinGape media highlights that if this buying pressure increases, a move to $0.6 is possible and could further pave the way for $1.
However, this optimistic forecast depends on Dogecoin being able to break through significant resistance levels and maintain its momentum in the broader cryptocurrency market, which currently appears to be facing a change.
