Dogecoin (Doge), a dog-themed cryptocurrency, is in the spotlight as data on the chain reveals a spectacular accumulation by crypto whales. According to Crypto Analyst Ali, “Whale has purchased 600 million DOGE in the last 48 hours.”
The influx of dogcoin from large owners coincides with the current boom in the crypto market, where Bitcoin saw the top $104,000 for the first time since January. Dogecoin also benefits from this bullish momentum. Therefore, whales may be placing themselves in anticipation of broader benefits.
At the time of writing, Dogecoin was up 2.26% in the last 24 hours to $0.2334. Doge has wiped out a small profit following a massive price hike for three consecutive days, despite being 35% higher per week.
Doge is two seconds behind Ethereum in weekly profits among the top 10 cryptocurrencies by market capitalization, with ETH rising 38% over the past seven days.
Doge Price Action
Dogecoin touched on the highest price since the beginning of Sunday, February 21st, reaching $0.259 and continued to surge from its low of $0.164 on May 6th.
In addition to rising prices, Dogecoin’s open interest has risen by 9.84% to $2.85 billion over the past 24 hours, according to Coinglas. Open interest reflects the total value of futures contracts that have not yet been resolved.
Dogecoin is currently encountering resistance at Sunday’s midday highs, at $0.259, and $0.265, close to the Daily SMA 200.
Future sessions will see a decisive break above the Daily SMA 200 as Dogecoin advances its rise. On the other hand, if a price drop occurs, Daily SMA 50 is expected to provide support. However, if momentum stalls, Dogecoin can integrate between the SMA 50 and 200 for a while before making the next move.