Whale Activity
Dogecoin whales, or large holders, have been on a buying spree. Over the past two weeks, they’ve scooped up a whopping 1.4 billion DOGE, worth about $280 million. This is the biggest two-week accumulation since Dogecoin’s surge in 2021.
Impact on Price
The whale activity has had a noticeable impact on the price of DOGE. As whales buy, the price tends to rise. This has been the case with Dogecoin, which has surged 33% in the past week.
Open Interest and Resistance
Dogecoin’s open interest, which measures the amount of money invested in futures contracts, has also hit a record high of $2.2 billion. However, the coin is facing resistance at $0.22. If it can break through this level, it could pave the way for a further rally.
Potential Sell-Off
Around 602,000 addresses bought DOGE at an average price of $0.35. If the price reaches this level, some of these addresses may sell, potentially leading to a sell-off.
Outlook
With whales continuing to buy and new money flowing in, the short-term outlook for Dogecoin looks positive. Some experts believe it could reach $1 before the end of the current bull market. However, it’s important to note the resistance at $0.22 and the potential for a sell-off at $0.35.
