TLDR
Dogecoin whales transferred over $102M worth of DOGE between wallets, showing increased market activity
Market cap surpassed $62B with DOGE trading around $0.44, up from under $0.10 in October
Daily transaction volumes peaked at $10B in November before stabilizing at $2.44B in December
Active addresses reached a record 9.23M in November
Technical analysis shows key resistance at $0.50 and support at $0.40
Dogecoin has marked a notable achievement in early December, pushing past a $62 billion market capitalization as whale activity and network growth demonstrate increased market interest. The cryptocurrency, trading at approximately $0.44, has shown remarkable growth from its October prices below $0.10.
Two major whale transactions have caught the attention of market observers, with transfers totaling over $102 million in DOGE. The first transaction moved 131 million DOGE to Coinbase, while a second transfer of 117 million DOGE occurred between Binance and an unnamed wallet.
The movement of such large amounts of DOGE comes at a time when the network is experiencing heightened activity. Daily transaction volumes, which peaked at over $10 billion in November, have settled to a steady $2.44 billion in early December, indicating sustained market engagement.
Network metrics show robust growth in user participation, with active addresses reaching an all-time high of 9.23 million in November. This increase in network activity suggests broader adoption beyond speculative trading, as both new and existing users engage with the Dogecoin ecosystem.
Technical indicators present a mixed picture for DOGE’s short-term price action. The cryptocurrency has established support at the $0.40 level, while facing resistance at $0.50. The 50-day moving average stands at $0.26, serving as a foundation for the recent price appreciation.
The relative strength index (RSI) reading of 62 indicates room for potential upside, having cooled from overbought conditions seen in November. This technical setup suggests the possibility of consolidation before any further price movement.
Trading volumes have maintained steady levels, with derivatives trading volume increasing by 77%. This surge in derivatives activity points to growing interest from traders in taking leveraged positions on DOGE’s price movements.
The cryptocurrency’s market position has strengthened considerably since October, with its rise supported by consistent buying pressure and increased network utilization. The current market cap of approximately $61.3 billion reflects this enhanced market presence.
Looking at support levels, DOGE has established a strong foundation at $0.40, with additional support at $0.35 should any retracement occur. These levels are being watched closely by traders as potential entry points for new positions.
The 200-day moving average at $0.15 continues to provide long-term support, while the widening gap between moving averages suggests sustained upward momentum in the medium term.
Recent whale transfers between exchanges and private wallets may indicate positioning for future price movements. Such large-scale transactions often precede market volatility or directional changes in price action.
Transaction data shows a healthy balance between institutional and retail activity, with the network handling both large-scale transfers and smaller retail transactions efficiently.
The increase in active addresses to 9.23 million represents a diverse user base, suggesting broad market participation rather than concentration among a few large holders.
Market observers note that DOGE’s price movement has occurred alongside increased adoption and utility, rather than purely speculative trading. The stability in daily transaction volumes at $2.44 billion indicates sustained network usage.
The most recent data shows whale movements continuing, with the $102 million in transfers representing ongoing large-scale market activity as DOGE trades above the $0.40 support level.
The post Dogecoin (DOGE) Price: Major Whale Activity with $102M in Transfers appeared first on Blockonomi.
