There has been a notable increase in Dogecoin (DOGE) whale activity in recent days. According to IntoTheBlock data, whales made significant buying and selling transactions between July 9-11. Notably, on July 9, the net flow was recorded at -37.05 million tokens; This showed that the whales were selling.
However, the negative data in the first days turned positive as of July 11. That day, there was an influx of 364.38 million tokens in the market, representing an increase of 868%. This reveals that whales consume large amounts of DOGE.
These purchases by whales can often cause prices to rise, as this group tends to buy when they believe prices will rise. At the time of writing, DOGE's price was trading at $0.1077. While there was a decrease of 0.30% in the last 24 hours, an increase of 3.60% was recorded in the last 7 days.
An increase in open interest in the markets usually affects the price trend positively and triggers an increase in most cases. However, when open interest decreases, there may be a decline in prices. According to Santiment data, Dogecoin's open interest dropped to $2.51 billion at the time of writing.
Another important indicator was DOGE's liquidation heat map. This map marks points where liquidations may occur at certain price levels. High liquidity was particularly noteworthy in the $0.11 region, and the possibility of DOGE rising at this level stood out.
Important points for investors:
Liquidity at $0.11 is a potential bullish point for DOGE.
Depending on market conditions, there is a risk of liquidation in the $0.098 region.
Open interest data should be watched carefully; High open interest increase may trigger price rise.
However, if the buying pressure decreases due to market conditions, the price may decline and drop to the $0.098 level. The possibility that the bears will drop the price to this level in order to liquidate long positions should not be ignored.
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