600 Million Dogecoin in 48 Hours: What’s Going On?

Dog-themed cryptocurrency Dogecoin (DOGE) is in the spotlight as on-chain data reveals a stunning accumulation spree by crypto whales. According to crypto analyst Ali, “Whales have bought 600 million Dogecoin (DOGE) in the last 48 hours.”

The inflows into Dogecoin from large holders coincide with the current boom in the crypto market, which saw Bitcoin top $104,000 for the first time since January. Dogecoin has also benefited from this bullish momentum; hence, whales could be positioning themselves in anticipation of broader gains.

At the time of writing, Dogecoin was up 2.26% in the last 24 hours to $0.2334. DOGE has erased slight gains following a significant price jump that spanned three straight days, albeit higher by 35% weekly.

DOGE is only second behind Ethereum in weekly gains among the top 10 cryptocurrencies by market capitalization, with ETH rising by an impressive 38% over the last seven days.

DOGE price action

Dogecoin touched its highest price since Feb. 21 early Sunday, reaching $0.259, continuing its surge from lows of $0.164 on May 6, as Bitcoin nears its current all-time high.

Along with price gains, Dogecoin open interest has increased by 9.84% in the previous 24 hours to $2.85 billion, a level not seen since mid-February, according to CoinGlass. Open interest reflects the total value of futures contracts that have not yet settled.

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Dogecoin is currently encountering resistance at Sunday’s intraday high of $0.259, close to the daily SMA 200 at $0.265.

In the coming sessions, a decisive break above the daily SMA 200 would be watched for Dogecoin to advance its rise. On the other hand, support is envisaged at the daily SMA 50 in the event of a price drop. However, if momentum stalls, Dogecoin may consolidate between its daily SMA 50 and 200 for a while before making its next move.