Large Dogecoin holders Buying 100 Million DOGE; Price Remains Unchanged: Next Steps?
Buckle Up for Dogecoin's Potential Rally
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🐺 The crypto world's favourite meme coin, DOGE, is gearing up for a possible rally. Let's dive into the recent market trends. 🐺
Whales and Spot Traders Band Together
In a surprising move, whales and spot traders have been scooping up DOGE like there's no tomorrow. According to Santiment, whales, those holding significant amounts of DOGE, have amassed around 100 million DOGE (worth approximately $17.5 million) over the past week.
That's not all! Spot traders have been even more aggressive, buying $46.63 million worth of DOGE from the markets in the same period!
CoinGlass's Exchange Netflow reports confirm large withdrawals from exchanges, supporting this buying spree.
This collaborative accumulation suggests a strong possibility of a major rally ahead.
Bullish Signs Galore
Key derivatives metrics are also flashing bullish signals. The Open Interest (OI)-Weighted Funding Rate has surged over 10 times, with the majority of unsettled contracts coming from long positions expecting price growth.
Traders on Binance and OKX have been fueling this growing optimism, with the Taker Buy/Sell Ratio indicating buyers are in the driver's seat.
However, it's not all smooth sailing for long traders. In the past 24 hours, they've faced some hefty losses, losing $4.51 million.
This tug-of-war between bulls and bears may be causing a delay in DOGE's rally, but it could also provide whales and spot traders with more time to pile on DOGE at lower prices.
The Upward Struggle
If DOGE can maintain its current course, analysts predict it could reach $1.25 by 2025. However, reaching such heights is subject to various factors, including market sentiment and liquidity constraints.
It's crucial to keep an eye on these elements to make informed trading decisions. Remember, with crypto, the ride can be wild, but as long as you're prepared, the potential rewards could be unbelievable!
Financial Freedom: Explore Investing with This Quiz 📈 Are Millennials Chasing a Crypto Dream? The Gig Economy and Its Impact on Financial Risk #### Share
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🤫 Apparently, Dogecoin's market cap could hit $100B, pushing prices to around $0.71. While some might dream of DOGE reaching $1T, that's considered pretty speculative. 🤫
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Source: Santiment, CoinGlass, and Coingecko.
- Despite the ongoing struggle, Bitcoin's rival Dogecoin is showing potential signs of a rally, with whales and spot traders accumulating significant amounts of the meme crypto.
- The bullish trend is further evident in the increasing Open Interest and surging Taker Buy/Sell Ratios on exchanges like Binance and OKX, indicating an optimistic outlook for Dogecoin traders.
- However, this rally may be delayed due to the tug-of-war between bulls and bears, with long traders facing substantial losses in the past 24 hours.
- Some analysts predict that if Dogecoin maintains its current course, it could reach $1.25 by 2025; this prediction, however, is subject to market sentiment and other factors.
- Remarkably, there are speculations that Dogecoin's market cap could hit $100 billion, pushing the price to around $0.71, although a $1 trillion valuation is considered quite speculative in finance circles.
