CryptoPotato reported on the 4th (local time) that as large investors continue to increase their holdings of Dogecoin (DOGE), its price is expected to rise and break out of its current stagnation.
Cryptocurrency analyst Ali Martinez said that whale-level large holders have been actively accumulating Dogecoin in the past five days. Since May 30, these investors have purchased up to 200 million DOGE, indicating that they are in an important accumulation phase.
Although the price of Dogecoin was still consolidating within a narrow range during this period, it briefly hit a high of $0.174 on May 26 and then fell back, currently hovering at the $0.16 level. While the price has yet to see a significant trend reversal, this has not stopped large holders from continuing to accumulate Dogecoin.
Not everyone is optimistic about Dogecoin. Ripple CEO Brad Garlinghouse strongly criticized Dogecoin at the Consensus 2024 conference, questioning its contribution to the cryptocurrency industry. Garlinghouse pointed out that cryptocurrencies should be committed to solving real-world problems, and Dogecoin failed to achieve this goal.
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The same day, the report showed that the derivatives trading volume of the cryptocurrency Cardano (ADA) increased by 28.9% in the past 24 hours. According to Coinglass data, the trading volume of Cardano token perpetual futures reached $362.3 million in the past 24 hours. During the same period, the trading volume of Cardano in the spot market reached $306.29 million, and the total trading volume increased to $668 million.
Interestingly, unlike the futures market, Cardano spot market trading volume has slightly decreased over the 24-hour period. This suggests that Cardano trading mainly occurs in the open futures market, which is more speculative than investment. Despite this, Cardano prices have risen today, but have reached the key resistance level of $0.46, which has been a strong price ceiling that has not been broken for a long time.
The market dynamics of Dogecoin and Cardano both show obvious speculation. For investors, it is necessary to pay attention to the changes in market sentiment and key technical positions. At the same time, for the long-term development of cryptocurrencies, how to solve practical problems and enhance application value is still the key.
