Home » Crypto Bits Share: Share: Dogecoin has been among the best-performing cryptocurrencies (at least in the top 100) over the past week. The recent whale behavior signals that the asset could be gearing up for a further ascent, while certain analysts envision a price explosion in the coming months. 11 (per CoinGecko data).
Its market capitalization has reached $17 billion, widening the gap with Shiba Inu, which reclaimed the second position. DOGE’s rally comes on the back of increased appetite from the large investors. 6 million) in 96 hours.
15 billion DOGE, or 11% of the circulating supply. Purchases of this type reduce the number of tokens available on the market, which could trigger a price ascent (should demand remain constant or increase). They also signal confidence from the big players, and smaller investors could follow their lead.
Earlier this month, the on-chain analytics platform Santiment disclosed that Dogecoin’s whales have hit a six-month high in activity, with 739 transfers of more than $100,000 in a single day. 52 billion coins. Many analysts on X believe the meme coin has yet to post substantial gains.
20 by May next year. - Dogecoin (DOGE) Whales Quietly Accumulate as Holdings Hit Record Levels - Whales Can’t Get Enough of Meme Coins as FLOKI Explodes 950% - DOGE, SHIB, PEPE Explode: Is Meme Coin Frenzy Back in Full Force? Despite the positive momentum, certain indicators suggest DOGE could experience a pullback in the near future.
One of those is the Relative Strength Index (RSI), whose ratio has soared past 70, meaning that the asset has entered overbought territory. The technical analysis tool runs from 0 to 100, and conversely, anything below 30 is interpreted as a buying opportunity. Another bearish factor is DOGE’s recent exchange netflow.
Over the past several days, inflows have surpassed outflows, suggesting that investors have moved holdings from self-custody towards centralized platforms, thereby increasing immediate selling pressure.
