$BTC $XRP #HotTrends #DOGEUSDT! Crypto whales bought $3.8 million worth of Dogecoin in three days
Analyst Ali Martinez reported that from March 19 to March 21, cryptocurrency whales bought $3.8 million worth of Dogecoin (DOGE) meme coins.
The chart published by Martinez shows that moneybags holding between 10 million and 100 million DOGE, worth between $1.6 million and $16 million at current rates, took advantage of the dump to stock up on digital assets. They increased their Dogecoin reserves when the cryptocurrency rate dropped to a local bottom and continued to purchase coins after the rebound.
Changes in the Dogecoin rate (black line) and the cost of DOGE coins stored in crypto whale wallets (beige diagram)
The data provided by Ali was indirectly confirmed by employees of the research company IntoTheBlock. According to them, over the past 30 days, the number of Dogecoin transactions worth $1 million or more has increased sevenfold. Thanks to the activity of moneybags and smaller traders, the price of Dogecoin climbed out of the hole and has increased by a third since March 20.
The upward trend in the Dogecoin market may accelerate as Coinbase (NASDAQ:COIN) plans to launch DOGE futures trading. It is likely that the listing of this derivative will trigger a bullish rally, during which the Dogecoin rate will consolidate above the $2 resistance barrier.
