Recent interest from large investors in Dogecoin has triggered a significant price increase for the cryptocurrency in a short period. Data shows that large token holders actively accumulated DOGE, driving up its value.
Massive Purchase of Dogecoin by Large Holders
According to analysis from Santiment, wallets holding between 100 million and 1 billion DOGE acquired over 1.08 billion tokens within 48 hours. As a result, the price of Dogecoin increased by 12% over the past week, rising from around $0.19 to $0.2388.
Increase in Trading Volumes and Open Positions
The trading volume for Dogecoin also surged, increasing by 85.41% to reach $19.69 billion. Open interest rose by 25.42%, reaching $3.98 billion. On the Binance exchange, the long/short ratio was 2.59, indicating bullish sentiment among traders.
Technical Analysis and Bullish Signals
Technical analysts note the formation of a breakout pattern and the third monthly bullish engulfing candle. Trader Tardigrade highlighted a descending broadening wedge on Dogecoin's chart, which could lead to a breakout supported by other technical signals.
The recent dynamic trading actions and active purchases suggest that Dogecoin expects further growth, creating favorable conditions for investors and traders in the market.
