Coingape Staff
Dogecoin, one of the largest meme-based cryptocurrencies by global market cap, birthed a tidal wave of speculation among crypto market enthusiasts today, April 5, as it noted phenomenal whale activity amid a price downturn. Insights revealed by a blockchain tracker spotlighted nearly 204 million DOGE accumulated by a whale, coming in tandem with the token’s correction & consolidation period within the broader crypto market.
This promptly sparked speculations over a rising price action for DOGE in the near future, mirroring the recent burgeoning of whale accumulations that, in turn, showcase market confidence in the asset. However, following a dominant movement in the green territory over the past 24 hours, the DOGE token recorded a dip as of press time, with market dynamics for the token further sketching an enigmatic scenario for Dogecoin’s price’s potential to pump ahead.
DOGE Whale Accumulation Rides Optimistic Waves
Intriguingly, Whale Alert’s data spotlighted 204.58 million XRP, worth $35.17 million, accumulated by an unknown address from Binance today, April 5. This transaction, coming amid corrections and consolidation witnessed by DOGE, sparked optimistic speculations over a bolstered price action ahead, aligning with the whale’s confidence in the asset.
Meanwhile, the broader market speculated over DOGE’s potential rally post-BTC halving, deeming the accumulation to be somewhat in line with this. As reported by CoinGape Media over the past few days, DOGE whale accumulations have been burgeoning alongside the rise in on-chain whale activity, collectively sparking investor enthusiasm over a prompt pump in the pipeline following the completion of this healthy correction.
Nonetheless, on-chain data added a bearish dash to Dogecoin, further questioning the token’s capability to scale $1 in the future.
Also Read: Bitcoin (BTC) Price Correction Below $60,000 Possible Before Halving Rally Resumes
Dogecoin Price Slips
As of writing, the Dogecoin token’s price has fallen 2.21% in the past 24 hours and is currently resting at $0.1738. Its 24-hour lows and highs are $0.1718 and $0.1881, respectively.
On-chain data revealed by Coinglass spotlighted a 5.81% dip in the token’s open interest, whereas volume dipped 13.52%. This pulled DOGE to a bearish stage today, showcasing reduced market activity and investor interest in the token. In turn, this flagged a downtrend that questions DOGE’s potential to hit $1.
Meanwhile, as mentioned above, whales appear to be accumulating staggering amounts of DOGE, giving a jack up to the buying pressure in the market. If this buying pressure increases, a possible rise to $0.6 could further pave the way for $1, an analysis by CoinGape media stressed. However, this optimistic forecast is contingent upon Dogecoin navigating through significant resistance levels and keeping up its momentum in the broader crypto market, which currently appears to be facing a flux.
Also Read: Binance Strengthens Safety Standards Amid Regulatory Hurdles
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.
