Dogecoin Surges Over 7% Following Major Whale Purchases

NEW YORK, NY — Dogecoin‘s price increased by more than 7% in the last 24 hours, following significant purchases by large investors. These ‘whales’ spent over $200 million on the popular cryptocurrency, resulting in a breakthrough of the $0.25 resistance level. The surge in trading volume has sent futures open interest above $3 billion.

The increase in Dogecoin’s value is also tied to a rising number of derivatives positions from traders, reflecting a bullish sentiment in the market. Current technical analysis indicates that the price could rise further, potentially reaching the $0.27 mark.

Institutional interest in Dogecoin is growing, as data shows that large holders now account for almost 50% of the total supply. This shift underscores a strong participation from institutional investors who are increasingly engaging in cryptocurrencies.

Shaurya, Co-Leader of the CoinDesk tokens and data team in Asia, noted that this surge aligns with the broader trends seen in the cryptocurrency market. He emphasized the importance of monitoring these developments, especially with derivatives trading becoming more popular. ‘The currents in the crypto market are shifting very quickly,’ he remarked.

As Dogecoin continues to capture attention, analysts will be watching closely for any further movements that could signal a shift or continuation of the upward trend.