Dogecoin whales move 7 billion tokens in one day

Within 24 hours, whales moved more than 7 billion Dogecoin. This increased activity is seen as a bullish trend and may allow the price to rise further.

The activity of Dogecoin whales increased significantly following the sharp price increase in recent days. Divided into just 1,030 transactions, 6.84 billion Dogecoin was moved within 24 hours. The reason for the whales' (large investors') huge activity was that the Dogecoin price broke through an important line, the EMA 100. This line is an average price over the past 100 days and helps traders see which way the market is headed.

When the Dogecoin price reached the 0.13 cent mark, we saw a marked increase in terms of activity in memecoin. This suggests that large DOGE holders saw strong buy signals upon breaking through the EMA 100.

The awakening of the whales could indicate a further bullish trend in the near future for the Dogecoin price. If the price approaches the EMA 200 trend line, things could get all interesting.

A stabilization above the $0.13 mark could allow the price to rise to $0.16, where the next resistance lies. However, a declining number of transactions could also carry the risk that the Dogecoin price will fall significantly again in the coming days. That, of course, is the risk of the crypto market.