Dogecoin Whale Acquires 155 Million Coins, Signaling Possible End to Price Dip
Dogecoin Whale Accumulates 155M DOGE, Indicating Potential Price Recovery
Highlights
– A major Dogecoin whale recently acquired 155 million coins from Robinhood, sparking renewed optimism.
– This substantial purchase reflects increased market confidence in DOGE’s potential for a price surge.
– Despite current price fluctuations, broader charts suggest a bullish trend for the meme coin.
A significant Dogecoin whale transaction has caught the attention of the crypto market, hinting at a potential bullish trend. On-chain data revealed that a whale accumulated 155 million DOGE, raising hopes among investors about the meme coin’s future. The broader market charts indicate that DOGE is currently experiencing a bullish run, although some are speculating if the recent accumulation might push the price even higher.
Whale’s Massive Dogecoin Purchase Sparks Market Excitement
Data from Whale Alert on October 21 showed that a Dogecoin whale acquired 155.11 million DOGE, valued at $21.65 million, from Robinhood’s crypto trading division. The transaction, originating from the address DP1…Wdj, is seen as a sign of increasing market confidence, fueling optimism around the coin’s future performance.
The meme coin is currently on a bullish trend, partly due to Elon Musk’s support for Donald Trump in the ongoing U.S. presidential race. With Trump’s odds of winning rising to 63.7% according to Polymarket, and Harris at 36.1%, Musk’s public endorsement of DOGE under a Trump administration has drawn significant attention to the token. The whale’s large acquisition, combined with the upcoming U.S. election in November, has further stoked positive sentiment toward Dogecoin.
- Is the DOGE Price Dip Over?
At the time of writing, DOGE was trading at $0.1457, down about 2% intraday, aligning with broader market trends. The meme coin’s 24-hour low and high were $0.1384 and $0.1495, respectively. However, weekly and monthly charts showed a 26% and 35% increase, respectively, reflecting a broader bullish trend. - Despite the positive price movement, Coinglass data pointed to a 5.33% drop in Dogecoin futures open interest (OI) to $1.02 billion, alongside an 8% rise in derivatives trading volume to $3.46 billion, indicating mixed market sentiment.
- Recent analysis by CoinGape Media suggests that DOGE could rise to $0.37, driven by bullish technical indicators. The 50-day moving average is trending upward, indicating strong short-term momentum that could support a further price increase. Crypto enthusiasts are closely monitoring Dogecoin for any further developments as market dynamics continue to evolve.
