Coingape Staff
In an exciting turn of events, Dogecoin, one of the most prominent meme coins within the cryptocurrency realm, nabbed significant attention as massive whale accumulations recently surfaced over the crypto horizon. Data offered by the blockchain tracking platform Whale Alert illustrated a staggering 276.21 million DOGE accumulated from Robinhood, an American finances services company.
This accumulation spree sparked immense curiosity among crypto market traders and investors globally as DOGE painted a bullish climate today. CoinmarketCap’s chart showcased a substantial 7.28% surge in the meme coin’s price as of press time. Derivatives data further hinted at an uptrend in the market, garnering bullish thoughts on Dogecoin, also falling in line with the whale accumulations.
DOGE Whale Accumulations Ignite Optimism
According to Whale Alert’s data, two massive whale transactions collectively accumulated the aforestated amount from Robinhood. The first transaction showcased the accumulation of 172.89 million DOGE, worth $16.59 million, by the address DEndnpPewG…gWLmkNMAtU. Whereas, the second transaction indicated that the address DGG1Ght6LB…pcSXme8X5S accumulated 103.32 million DOGE, worth $9.87 million.
Such massive accumulations usually ride the usual market sentiment wave of reduced supply and bolstered prices. Aligning with this, these transactions hinted at a bullish sentiment for Dogecoin in the market, as the meme coin’s price rallied in the midst of these accumulations. The recent noteworthy pump promptly gained traction following DOGE’s sluggish performance witnessed ever since its inception, contrasting the worth and hype orbiting Dogecoin.
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DOGE Price Pumps
As of writing, the Dogecoin price noted a pump of 7.28% over the past 24 hours and is currently trading at $0.09871. The meme coin’s market cap and 24-hour trading volume also surged 7.71% and 146.81%, respectively.
Coinglass‘ data showcased a significant 15.06% surge in DOGE’s open interest, while the volume rose 191.73%. This hinted at new money entering the market, whereas it also signaled boosted market activity.
Collectively, the data above depicts a bullish market sentiment for Dogecoin, potentially paving the way for DOGE’s run to the $0.01 mark ahead. A speculative buzz orbiting a potential partnership between Dogecoin and Ferrari further aids this bullish stance.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
