In the last 72 hours, prominent figures in the Dogecoin community, known as “whales,” have made a significant purchase of over 700 million $DOGE, valued at approximately $112 million. This substantial acquisition indicates a strong demand for the widely popular memecoin.
On May 31, 2024, technical and on-chain analyst Ali Martinez shared this news, highlighting the impressive scale of the whale purchase. Martinez further emphasized the growing interest and enthusiasm surrounding Dogecoin.
As Bitcoin has remained within a range above $67,000 since May 23, some traders have started exploring alternative options, particularly memecoins like DOGE. This shift in focus is partially attributed to the increased supply resulting from the Mt. Gox exchange.
QCP Capital, a crypto trading firm based in Singapore, disclosed that traders are now diversifying their investments by turning to legacy memecoins. These include Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE). These memecoins have demonstrated substantial gains, ranging from 10% to 20%, and have secured positions among the top 10 in the OI (open interest) list.
Recent data analysis reveals an upward trend in open interest rates for both PEPE and Floki (FLOKI) over the past 24 hours. However, the open interest for Dogecoin has experienced a decline by approximately 5%, potentially impacting its potential for a V-shaped short-term bounce.
The current open interest for Dogecoin has dropped below $900 million, signaling a bearish outlook. Additionally, the declining CVD (Cumulative Volume Delta) suggests that sellers have had a stronger position since May 27. Nonetheless, Dogecoin remains in close proximity to a crucial short-term support level at $0.15. If demand increases, DOGE could potentially rise to the short-term supply range of $0.17 to $0.20. Market participants are eagerly observing how Dogecoin will navigate this evolving environment.
Tags: DOGE
