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With the crypto market experiencing a resurgence, the impressive performance of Dogecoin is hard to miss. In one week, DOGE jumped 7.6% and proudly reached $0.1085. Beyond that profit, however, whaling activity and trade flows suggest something bigger could be going on. Could this finally be the hour of glory for this famous memecoin?
Whales are pushing Dogecoin towards a potential rally
Dogecoin, the pioneer of memecoins, continues to make headlines, mostly thanks to a 10.5% jump in its net flows on exchanges. Far from trivial, this number is often synonymous with strong future volatility due to increasing supply and demand pressures. If history is to be believed, such an increase may signal a potential rise in the price of the DOGE cryptocurrencywhich would explain the enthusiasm of investors.
- +10.5% net flows on exchanges;
- 73% of holders in profit;
- 57.86% of DOGE in the hands of large investors.
In addition, “whales” continue to accumulate, with more than 57% of stocks under control by these market heavyweights. As they say, when big eats, there’s a good chance the party will start for everyone!
Crypto and the bet of big investors
Dogecoin seems to have won the hearts of crypto whales, with these investors owning more than $5 million in DOGE. WITH 73% of holders are currently in profitsentiment is clearly bullish for memecoin. This could lead to an increase in investor confidence, as the higher the profits, the more attractive it is to buy for other market participants.
So a domino effect is not far off, especially when big investors are banking on a sustained rally. It’s only a matter of time before DOGE reaches new highs, some will say. So will Dogecoin break the $0.12 barrier? The future will tell, but the signs are there.
As a reminder, Dogecoin exploded last week with 1.93 million transactions, but its price is still waiting for a definitive takeoff. However, there is room for optimism.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.