After a week of range trading, Gougou Coin finally broke through $0.76 in the past 24 hours and has shown strong performance over the past month
After a week of range trading, Gougou Coin finally broke through $0.76 in the past 24 hours and has shown strong performance over the past month. The cryptocurrency has risen by 25.9% in 30 days, but the trend may not be over yet.
DOGE Whales has been tirelessly working behind the scenes to make memes famous, and their holdings have significantly increased in the past month. On chain data shows that large DOGE addresses have added over $2 billion of DOGE to push cryptocurrencies to the level of $0.1.
Dog coin whale injects $2 billion into DOGE within 30 days
Data from the cryptocurrency analysis platform IntoTheBlock reiterates the current bullish sentiment of Dogcoin Whale. According to its BalanceByHoldings indicator, the balance of addresses holding $100000 to $1 million in DOGE has increased by 24.31% in the past 30 days.
Similarly, the holding of addresses between $1 million and $10 million increased by 27.43%, and the holding of addresses with a value exceeding $10 million in DOGE increased by 29.28%.
Upon careful observation of the chart of this indicator, it can be observed that the total holdings of addresses holding at least $100000 worth of DOGE increased from $7.37 billion on October 7th to $9.469 billion on November 9th. This means that the cryptocurrency whale has purchased an additional $2.099 billion of DOGE in the past month.
For ordinary investors, this whale activity is a bullish signal for the price trajectory of DOGE, as the accumulation of whales continues. IntoTheBlock's data also shows that in the past 24 hours alone, these addresses holding at least $100000 worth of DOGE have purchased $119 million worth of DOGE.
The order book metrics of IntoTheBlock reveal an interesting imbalance between supply and demand in DOE. As of the writing of this article, buyers have placed 902 million DOGE purchase orders on various cryptocurrency exchanges. At the same time, the seller only sold 876 million DOGs.
Will DOGE return $0.1?
The current shift towards higher demand and the accumulation of whales fully demonstrate the current sentiment around dog coins, and injecting a large amount of funds into dog coins may have a significant impact on their prices.
Cryptocurrency analyst Ali Martinez pointed out on X that the key support level for DOGE at the price point of $0.072 to $0.073 exceeded the resistance level. Martinez stated that after breaking through $0.76, the next important obstacle will be at $0.084.
As of the writing of this article, the bulls have increased the price of the cryptocurrency by 4.28% in the past 24 hours, with the current trading price of the cryptocurrency being $0.07686. Continuous purchasing pressure from whales and retail tradersMay push DOGE back0.1 dollars, this isSomething we've never seen since June.
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