According to U.Today, Dogecoin (DOGE), currently the eighth-largest cryptocurrency, has seen a notable increase in whale activity. Over the past day, there has been a significant surge in transactions exceeding $1 million. This recent uptick in large transactions indicates that major holders are either accumulating more DOGE or strategically moving substantial amounts of the cryptocurrency.
Data from blockchain analytics platforms reveal that over 150 high-value transactions, each involving amounts of over $1 million, have been reported in the last 24 hours. Crypto analyst Ali, citing data from Santiment, confirmed the rise in Dogecoin whale activity, with over 150 DOGE transactions, each exceeding $1 million, recorded in the past 24 hours.
The rise in large transactions could be attributed to increasing institutional interest in cryptocurrencies, including Dogecoin. Institutions entering the market often bring substantial 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.
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, 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.