Dogecoin - From Rise to Fall
For Dogecoin, the first half of the week was going well: the value of the token rose by more than 32% on the announcement of the deal to acquire Twitter by Elon Musk.
The day before, the IntoTheBlock team recorded a sharp increase in institutional activity on the Dogecoin blockchain.
The volume of large transactions (from $100K) rose to $2.59 billion. This is the most powerful surge of interest from big capital since March 24: 94% of DOGE address transactions are conducted with the participation of whales. On April 25, the coin jumped to $0.167.
DOGE has been at its high since the beginning of April, but a correction broke out yesterday.
According to Ali Martinez, 2,400 transactions were made for $100,000 or more. Whales are preparing for something, the analyst writes, and with the resumption of sales, DOGE will be able to find the bottom at $0.13.
Today the whales are aggressively selling, and by the evening the coin sank to $0.14 (-9.5%). If the pullback continues, a test of $0.13 will become inevitable.
If you decide to try your hand in the world of cryptocurrencies, do it with a trusted and reliable partner - Huobi.
CoinShark is not responsible for the content, accuracy, quality, advertising, products, or any other content posted on the site. This article is for informational purposes, prepared based on materials and information from open sources. Cryptocurrency is a high-risk asset, investing in it can lead to losses. Readers should do their research before taking any action.