Coingape Staff
Dogecoin, one of the most prominent meme coins trading within the cryptocurrency landscape, again sparked immense optimism among crypto market enthusiasts across the globe as its price rallied nearly 30% today, February 29. Amid this phenomenal rally, insights revealed by the blockchain tracker Whale Alert revealed a staggering 761.2 million DOGE on the move, piquing global attention as the token topped the $0.1 mark recently.
Meanwhile, derivatives data for DOGE hinted at an uptrend in the market, garnering bullish sentiments that align with DOGE’s price rally. With substantial new money entering the market, traders and investors appear to be portraying a sense of confidence in the digital asset, propelling further bullishness on Dogecoin.
Doge Whale Transactions Spark Speculations
According to the data unveiled by Whale Alert, two massive transactions showcasing the reshuffling of a staggering 761.2 million DOGE surfaced today, February 29. The first transfer showcased the shifting of 61.61 million DOGE, worth $7.92 million, from Binance, a prominent crypto exchange, to unknown wallets. Whereas the second transfer illustrated a staggering 699.99 million DOGE, worth $89.05 million, moved from unknown wallets to Binance.
These transactions promptly sparked speculations as they showcased a mixed sentiment prevailing among whales, with some dumping tokens while others continued to hoard.
However, Dogecoin’s price rally aided the meme coin in positioning at the 9th place, moving a place up from 10th, per CoinMarketCap’s global market cap list. This garnered global attention, as the meme coin performed sluggishly in recent times but pumped notably over the past few days.
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Dogecoin Price Springs
As of writing, Dogecoin’s price surged a remarkable 29.88% over the past 24 hours and is currently trading at $0.1288. With a whopping 246.27% surge in the meme coin’s trading volume in just 24 hours, DOGE continues to make waves in the cryptocurrency space.
Analysis by CoinGape Media suggests burgeoning whale accumulations aid this upward momentum. While the derivatives data unveiled by Coinglass, hinting at an uptrend, showcased a nearly 50% rise in open interest, while the volume rocketed 172%.
The OI-weighted funding rate further rocketed to 0.1485%, hinting at readiness among investors to invest more into DOGE long-term positions. This propelled market optimism for DOGE, aligning with market expectations of bolstered prices ahead. A potential upcoming partnership with Ferrari appears to be aiding the optimism orbiting DOGE, birthing bullish thoughts on its run ahead.
Also Read: Bitcoin Rally Continues as US PCE Cools to 2.4%, Fed Rate Cuts Likely in June
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.
