Whale Adds 155 Million DOGE as Dogecoin [DOGE] Market Cap Continues to Rise

Dogecoin [DOGE], the world's largest memecoin by market cap, continues to gain significant attention from crypto enthusiasts following its impressive

Dogecoin (DOGE), the world’s largest memecoin by market capitalization, continues to garner attention from crypto enthusiasts. After an impressive performance and recent rally, DOGE is now consolidating within a tight range in what seems to be a price correction.

Whale shifts 155 Million DOGE

In the midst of this consolidation, a whale made a significant transaction that was flagged by blockchain transaction tracker Whale Alert on X (formerly Twitter) on the 22nd of October 2024.

According to the post, the whale transferred 155 million DOGE tokens, valued at $21.65 million at the time, from the Robinhood cryptocurrency exchange to an unidentified wallet.

Source: X

This transaction, which involved a substantial amount of DOGE tokens, might be linked to the whale’s withdrawal from Robinhood.

This could be attributed to the bullish price action and positive market sentiment, which may have prompted the whale to secure their holdings outside the exchange.

Dogecoin technical analysis: Key levels to watch

A technical analysis by AMBCrypto showed that DOGE exhibited bullish momentum as it recently broke out and closed a daily candle above a crucial resistance level of $0.138.

Source: TradingView

This breakout occurred during DOGE’s 40% rally, but the price was consolidating within a narrow range.

This consolidation signaled a positive trend for DOGE holders, indicating an accumulation phase before the next breakout to the upside.

Given the recent price action and historical momentum, if DOGE manages to break out and close a daily candle above the consolidation zone at the $0.15 level, we could expect a strong possibility of a 17% surge, taking DOGE to the $0.175 level in the coming days.

However, this bullish scenario will only be valid if DOGE breaks out and closes a daily candle above the consolidation zone.

DOGE on-chain metrics

While the technical analysis presents a bullish outlook, DOGE’s on-chain metrics show a weak trader’s interest on the long side.

According to on-chain analytics firm Coinglass, DOGE’s Long/Short Ratio stood at 0.89, indicating a bearish sentiment among traders.

Source: Coinglass

Furthermore, the Open Interest had decreased by 3.5%, suggesting that traders might have liquidated their holdings or closed out their positions in response to the correction.

This combination of falling open interest and a Long/Short Ratio below 1 indicates a weak bearish sentiment among traders.

Here’s how much 1 DOGE is today in BTC terms, realistically

At press time, DOGE was trading at around $0.144, showcasing a price decrease of over 1.8% within the past 24 hours.

In the same time frame, its trading volume also experienced a slight decline of 2.6%.

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