Massive Purchase of 158 Million DOGE by Whales - Unraveling the Mystery
Dogecoin (DOGE) has seen a period of stability at the $0.263 mark, with traders anticipating a potential move towards recent highs. This support zone was established as buyers stepped in before the candle closed to prevent DOGE from falling below this level.
The 0.382 Fibonacci retracement level for DOGE also lies near $0.263, adding another layer of support. Notably, three daily candles have shown sharp dips to this level, followed by quick recoveries, indicating a resilience at this price point.
However, the previous local peak near $0.31-$0.32 remains the next area to watch if the uptrend continues. If DOGE breaches the $0.29 price level, it could potentially move towards $0.36 and $0.45.
In recent days, a group of DOGE holders with over 100,000,000 to 1,000,000,000 coins disposed of roughly 680 million tokens. Despite this, the total DOGE held by this group of wallets is now above 11 billion, marking the first time this group of whales has reaccumulated at this level.
The launch of the REX-Osprey Dogecoin ETF (DOJE) in the US on Thursday has drawn significant attention. This ETF, which shows growing interest in tracking Dogecoin through traditional financial products, attracted $17 million in trading volume on its first day. The DOJE ETF is among the five biggest ETF launches of the year, suggesting a growing demand for spot crypto funds beyond just Bitcoin or Ethereum.
Interestingly, four separate price peaks around $0.29 have been followed by a pullback, with Dogecoin testing this price level several times since March without a confirmed breakout. Trader Tardigrade noted "Nice wicks down to Fib 0.382," referring to price rejection at that level.
As of now, Dogecoin trades at $0.28 with a trading volume of $3.95 billion over the last day. With the launch of the DOJE ETF and ongoing whale activity, the future of Dogecoin remains a topic of interest for traders and investors alike.
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