Dogecoin rose sharply after large investors poured in over $200 million and futures trading grew rapidly.
- Dogecoin passed $0.25 with heavy trading volume.
- Whale investors bought over 1 billion DOGE coins.
- Futures positions topped $3 billion, hinting at more market activity.
Massive Whale Activity
In just 24 hours, more than 1 billion DOGE tokens were purchased by large investors called whales. The value of these buys reached $200 million. This buying spree pushed large-holder ownership to almost 50%, a level previously seen in past market peaks. This shows growing interest from big players, including possible institutional investors.
Futures Market Heats Up
Open interest in DOGE futures skyrocketed beyond $3 billion. This means more traders are placing leveraged bets on Dogecoin’s price. Sharp moves in the futures market suggest traders are expecting more short-term price swings. It also hints at rising risk-taking in the crypto sector.
Price Moves and Technical Setup
Dogecoin’s price jumped from $0.24 to $0.25, a 7% increase in one day. It showed strong price action, hitting a high of $0.26 and stabilizing at $0.25. The trading volume was intense, with a peak of 29.2 million DOGE traded in just one minute. The breakout happened after a few hours of sideways movement.
Technical charts show DOGE broke out of a bullish flag pattern. Now, $0.25 is acting as a support level. If prices move above $0.26, experts say a rally toward $0.27 is likely. Futures data also shows most traders are still betting on prices going higher.
What Comes Next?
Traders are keeping an eye on a few key areas. First, they want to see if $0.25 support holds during minor dips. Second, they’re watching for a push past $0.26 resistance. This would confirm momentum toward $0.27. Whale wallets are constantly monitored for more buying signals. Analysts are also watching funding rates. If they spike, it may signal too many traders are betting in the same direction. Finally, Dogecoin’s moves are being linked to gains in the stock market, which helps fuel risk appetite.
Source: coindesk.com