Can DOGE continue its rise? Whales' movements are the key!
DOGE has risen sharply this week, but we have to talk about whether it will fall back. DOGE has really become popular recently, and people are enthusiastic about buying it. However, after such a sharp rise, it may take a breather next, allowing those who bought it early to make a profit and withdraw.
According to some indicators, DOGE has now risen too much and is a bit "overbought". Moreover, it has broken through the difficult barrier of $0.128. The next challenge is the high ground around $0.15.
DOGE shows that on Thursday, whales bought frantically, and the inflow of DOGE soared to 11.7 billion, and the amount also reached $640 million. This shows that although the price has been rising, everyone is still scrambling to get it.
However, not everyone is holding on to DOGE. Some whales and wavering traders have begun to make money and run, but those who ran away were caught by retail investors. The balance of retail investors has increased from 8.75 billion to 10.74 billion. The enthusiasm is really high.
In general, the current situation of DOGE is that some big players have withdrawn after making money, but retail investors are very powerful and have been buying, supporting the price of DOGE. Therefore, if the big players stop buying, DOGE may not have so much energy to continue to rise. However, these observations also tell us that in the fourth quarter of 2024, DOGE holders are becoming more and more confident.
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