TLDR
Dogecoin (DOGE) has experienced a volatile quarter in 2024, with short-lived rallies and corrections
Despite recent losses, the majority (83%) of DOGE holders remain profitable, with 63% of the supply held by whales
Crypto whales have suddenly accumulated 700 million DOGE worth $112 million in just 72 hours, coinciding with bearish market sentiment
DOGE’s price movements are strongly correlated with Bitcoin, and the overall trend remains uncertain and speculative
Analysts express optimism about Dogecoin’s future price trajectory, citing potential catalysts such as Elon Musk’s influence and key resistance levels to watch
Dogecoin (DOGE), the world’s largest memecoin, has been grappling with a volatile 2024, characterized by short-lived rallies and corrections.
Despite recent losses, data reveals that a significant majority (83%) of DOGE holders remain profitable, with whales holding 63% of the token’s supply.
This resilience has been put to the test as the broader crypto market experiences turbulence.
Interestingly, amidst the prevailing bearish sentiment, crypto whales have suddenly accumulated a staggering 700 million DOGE, worth $112 million, in just 72 hours.
This unexpected buying spree has caught the attention of analysts, who suggest that it could signal a potential shift in market dynamics.
Dogecoin’s price movements have been strongly correlated with Bitcoin, with a correlation coefficient of 0.86. This indicates that DOGE’s performance is heavily influenced by broader market trends, particularly Bitcoin’s trajectory.
However, the near parity between exchange inflows and outflows over the past week suggests a balanced buy-sell activity among traders, further contributing to the uncertainty surrounding Dogecoin’s future.
Despite the mixed signals, some analysts remain optimistic about Dogecoin’s price trajectory. They point to potential catalysts, such as Elon Musk’s vocal support for the memecoin and his reported discussions with former President Donald Trump regarding cryptocurrency policies.
Speculation around Musk’s influence has fueled investor confidence, with some experts projecting significant growth for DOGE in the near future.
Technical analysis of Dogecoin’s monthly chart reveals a cryptocurrency wrestling with volatility and market sentiment.
The Relative Strength Index (RSI) oscillating between the 30s and 60s indicates that DOGE has been in neutral to slightly bearish zones.
However, the 200-day moving average hovering above the 50-day suggests that despite short-term recoveries, the broader outlook remains bearish.
Looking ahead, analysts have identified key resistance levels for Dogecoin, particularly around $0.166 to $0.171, where a substantial number of addresses hold significant amounts of the cryptocurrency.
Overcoming these barriers could pave the way for further gains, with the next key resistance level projected around $0.322.
The post Doge Coin (DOGE) On The Rise After Crypto Whales Accumulate $112 Million appeared first on Blockonomi.
