Dogecoin ($DOGE ) Sees Epic Surge of $1 Million Transactions, What's Going On?

Dogecoin whale activity is on the rise. Over 150 DOGE transactions, each exceeding $1 million, have been recorded in the past 24 hours."

Increasing institutional interest in cryptocurrencies, including Dogecoin, could be contributing to the rise in large transactions. Institutions entering the market often do so with subs#tantial capital, leading to large transaction volumes.

Whales might be positioning themselves for anticipated price movements, either upward or downward, based on market analysis or news.

Dogecoin price action

At the time of writing, Dogecoin was down 1.38% in the last 24 hours to $0.161. Dogecoin has remained above the 50-day SMA of $0.1547 since late May, indicating strong demand near this level.

If this trend continues, Dogecoin may surpass the short-term barrier of $0.174, which is a crucial mark to monitor. If buyers break through this barrier, Dogecoin might rise to $0.21, and then to $0.23.

Conversely, if the price falls from the present level or the daily SMA 50, it may induce short-term selling. A breach below the 50-day SMA might reverse the short-term trend, sending Dogecoin to 0.14.

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