Dogecoin Whales Make a Move as DOGE Price Finally Gains Bullish Momentum
After a week of double-digit price drops, Dogecoin [DOGE] finally gained bullish momentum. The world's largest memecoin witnessed a price rise. But will the trend continue further?
Dogecoin’s price witnessed a rise in the last 24 hours. However, the coin’s seven-day performance was not up to the mark. But, Dogecoin whales made a move that might hint at a price hike in the near future.
After a week of double-digit price drops, Dogecoin [DOGE] finally gained bullish momentum. The world’s largest memecoin witnessed a price rise. But will the trend continue further?
Dogecoin seven-day price performance
Dogecoin has been somewhat turbulent over the last week as it witnessed a major uptrend and downtrend. To be precise, as per CoinMarketCap, DOGE’s price dropped by over 13% in the past seven days.
However, the last 24 hours were in investors’ favor as the coin’s price increased by over 3%. At press time, the world’s largest memecoin was trading at $0.1077 with a market capitalization of over $15 billion.
Dogecoin’s seven-day price performance. Source: CoinMarketCap
The latest rise in price didn’t have a positive impact on the memecoin’s social metrics. AMBCrypto’s analysis of Santiment’s data revealed that DOGE’s social dominance dropped over the last few days. This meant that investors were not talking about the memecoin.
Additionally, the coin’s weighted sentiment also dropped, suggesting that bearish sentiment around the coin increased in the recent past.
While this price fluctuation happened, Dogecoin whales made a move. Ali, a popular crypto analyst, recently posted a tweet highlighting a significant development.
As per the tweet, DOGE whales bought over 1 billion DOGE in the last 24 hours, totaling roughly $108.7 million. This indicated that the big players in the market were confident in the memecoin and were expecting its price to rise.
Is DOGE poised for a price hike soon?
Since there were chances of a price rise, AMBCrypto took a closer look at the world’s largest memecoin’s state to better understand whether metrics hinted at a bull rally.
Our analysis of IntoTheBlock’s data revealed that DOGE’s inflow dropped in the last few days. Whenever the metric drops, it means that selling pressure on an asset is dropping, which can be inferred as a bullish signal.
However, the rest of the metrics looked bearish on Dogecoin. For instance, DOGE’s MVRV ratio dropped sharply last week. Moreover, the memecoin’s velocity also declined. This meant that DOGE was used less often in transactions within a set timeframe.
Dogecoin’s key metrics seven-day performance Source: Santiment
Read Dogecoin [DOGE] Price Prediction 2024-2025
We then checked the memecoin’s daily chart. As per our analysis, DOGE was testing a resistance near its 20-day Simple Moving Average (SMA). This is a crucial test as a jump above that level could trigger a bull rally. However, in case of a failed test, DOGE might drop to $0.092.
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Ouyi OKX is the world's leading digital asset trading platform. 1) Its development history includes: it will be launched in 2017, the Chinese name "Ouyi" will be launched in 2021, and it will be renamed Ouyi OKX in 2022. 2) Core services include: trading services (coin, leverage, contracts, DEX, fiat currency trading) and financial services (Yubibao, DeFi mining, lending). 3) The platform's special functions include: market data services and risk control system. 4) Core advantages include: technical strength, security system, service support and market coverage.

APP software that can purchase mainstream coins includes: 1. Binance, the world's leading, large transaction volume and fast speed; 2. OKX, innovative products, low fees, high security; 3. Gate.io, a variety of assets and trading options, focusing on security; 4. Huobi (HTX), low fees, good user experience; 5. Coinbase, suitable for novices, high security; 6. Kraken, safe and compliant, providing a variety of services; 7. KuCoin, low fees, suitable for professional traders; 8. Gemini, emphasizes compliance, and provides custodial services; 9. Crypto.com, providing a variety of offers and services; 10. Bitstamp, an old exchange, strong liquidity,

Quantum Chain (Qtum) is an open source decentralized smart contract platform and value transmission protocol. 1. Technical features: BIP-compatible POS smart contract platform, combining the advantages of Bitcoin and Ethereum, introduces off-chain factors and enhances the flexibility of consensus mechanisms. 2. Design principle: realize on-chain and off-chain data interaction through main control contracts, be compatible with different blockchain technologies, flexible consensus mechanisms, and consider industry compliance. 3. Team and Development: An international team led by Shuai Chu, 80% of the quantum coins are used in the community, and 20% rewards the team and investors. Quantum chains are traded on Binance, Gate.io, OKX, Bithumb and Matcha exchanges.

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Platforms that support Qtum trading are: 1. Binance, 2. OKX Ouyi, 3. Huobi, 4. Gate.io Sesame Open Door, 5. Siren, 6. Coinku, 7. Bit stamp, 8. Coinku, 9. Bybit, 10. Gemini, these platforms have their own characteristics and advantages.

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Exchanges that support cross-chain transactions: 1. Binance, 2. Uniswap, 3. SushiSwap, 4. Curve Finance, 5. Thorchain, 6. 1inch Exchange, 7. DLN Trade, these platforms support multi-chain asset transactions through various technologies.

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