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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 28, 2024 11:38 UTC
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DOGE Price Soars 7% as Dogecoin Whales Accumulate 276 Million
Whales on Robinhood purchased a large amount of Dogecoin (DOGE), totaling 276 million DOGE ($26.4 million).
DOGE's price, market cap, and trading volume have all increased significantly in the past 24 hours.
Indicators like open interest and trading volume are also up, suggesting new investors are entering in now.
Dogecoin has quickly become the talk of the town in the crypto world.
Whales in Robinhood recently orchestrated two massive transactions, accumulating a whopping 276.21 million DOGE, valued at an eye-popping $26.4 million. This sudden surge has not only captured the crypto community’s interest but has also sparked positive market sentiments.
Read more about these developments below.
Whales Make a Splash
In a recent tweet post, The blockchain tracking platform Whale Alert provided data revealing two substantial transactions responsible for accumulating the noteworthy 276.21 million DOGE amounting to $26.4 million from Robinhood.
The first part of this whale tale involves an address labeled DEPewG…gWMAtU, responsible for accumulating an impressive 172.89 million DOGE, valued at $16.59 million.
Simultaneously, the second transaction, linked to the address DGG1Ght6LB…pcSXme8X5S, added 103.32 million DOGE, contributing $9.87 million to the growing pool.
These sizable accumulations aren’t just for show; they can influence market sentiment by reducing Dogecoin’s supply, potentially boosting its prices. This surge indicates a bullish sentiment for Dogecoin, breaking free from a period of relatively subdued performance and injecting new life into its market dynamics.
Also Read: Can Robinhood’s Support Save SHIB’s Price? Here’s the Verdict
DOGE’s Market Analysis
In the last 24 hours, Dogecoin’s price has soared by an impressive 7.28%, reaching a current value of $0.09971. Additionally, the meme coin’s market cap and 24-hour trading volume have seen substantial increases of 7.71% and 146.81%, respectively.
Insights from Coinglass shed light on a 15.06% surge in DOGE’s open interest and a remarkable 191.73% rise in trading volume. These indicators not only suggest an influx of new funds but also point to heightened market activity.
In conclusion, Dogecoin’s recent surge, fueled by whale accumulations and marked by bullish indicators, promises an exciting chapter in the crypto world.
Read More: Top Memecoins to Buy Before Ethereum ETF Approval
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