Dogecoin whales have set yet another buying spree in the market. With around 1 billion Doge under the belt, whales have accumulated DOGE worth over $108 billion.
The buying trend comes at a time when DOGE has seen a skyrocketing surge. At the press time, the coin is trading at $0.1075, up nearly 4% as compared to the same time last day.
The accumulation also comes at a time when most of the crypto market is under a dry spell, indicating that investors are quite positive about DOGE’s forthcoming price trajectory.
Will DOGE Continue Its Upwards Movement?
Doge is currently experiencing a upward swirl by trading in the positive territory for most of the past month. Over the previous 30 days, Dogecoin had 17/30 (57%) green days and 8.04% price volatility.
Despite this, technical indicators indicate that the current mood for the coin is bearish, and the Fear & Greed Index is currently reading 41 (Fear).
Additionally, DOGE right now has a lopsided sentiment among investors with 10 technical analysis indicators indicating bullish signs, while 21 are indicating bearish signals.
However, Dogecoin has time and again proved that its popularity among those who admire meme coins has always proven to be a plus point. Therefore, should investor confidence continue to surge, DOGE might see more green trading days in the future.
The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). The DOGE market is neutral at the moment, as indicated by the RSI reading of 46.46.
Why is DOGE Becoming Popular?
Dogecoin began as a joke or meme but over the past few years, it has gained popularity among cryptocurrency aficionados and has increased in market value. In fact, Dogecoin—which increased in value by over 15,000% in 2021—is the only meme coin in the entire cryptocurrency ecosystem.
In the seven years after its launch in 2013, Dogecoin’s price has stayed quite stable. The largest meme coin in the world then saw a price shift in December 2020. Following that, it had significant gains throughout the first part of the 2021 bull market, during which nearly every token reached an all-time high.
Banking on this hype, if the meme coin craze keeps the crypto markets tight, DOGE might be able to continue its present gains well within the near future.
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