The Dogecoin and Shiba Inu whales have been some of the biggest movers and shakers in the market, ever since memecoins became popular in 2021.
According to the whale activity monitoring platform, WhaleStats, Shiba Inu is the third largest cryptocurrency holding of the Ethereum whales, and these holdings are currently worth about $606,354,054.
Dogecoin, on the other hand, has the spotlight this week.
Less than a month after the last incident of massive whale activity, where 31,158,390 DOGE (worth about $2.75 million at the time) was transferred from several addresses to a single unknown wallet.
Less than a few hours after that, 60,000 $DOGE (worth about $5.3 million) was also transferred from one of the top 20 wallets into an unknown wallet.
On 17 February, a wallet that had been dormant for over two years also moved DOGE worth a whopping $28 million to a new address.
There have been several waves of speculation over the last few weeks as to what the Dogecoin whales are up to. And according to a tweet from DogeWhaleAlert on Twitter, these speculations are back.
According to one of the latest tweets from the Dogecoin whale activity monitoring platform, DogeWhaleAlert, the whales have made some interesting moves today.
Over the last 24 hours, the latest in the long line of interesting whale behaviours was an anonymous transfer of 14,180,000 $DOGE from multiple wallets, into a single wallet.
This tranche of Dogecoin that was transferred is worth about $1,056,850 at the time of writing and is only one out of several transactions over the last 24 hours.
According to DogeWhaleAlerts, another 17,389,999 $DOGE (worth about $1,292,912) was transferred from an unknown wallet into another unknown wallet.
Another 62,123,732 $DOGE ( worth about $4,636,108) was transferred from an unknown wallet to an unknown wallet.
And largest of all is a 347,764,374 Dogecoin tranche worth a staggering $26,172,051, transferred in a single transaction between two unknown wallets.
This Leads to the question: "Where is Dogecoin headed?"
According to CoinMarketCap, the price of Dogecoin increased by 7% on a weekly basis and recovered over 20% from its most recent swing low of $0.06259.
From this demand zone, Dogecoin's price created a bullish hammer candle and first indicated a trend reversal.
Overall, its prices appear to be encountering resistance at the 50-day exponential moving average, and a confirmation of a trend reversal is still pending.
The price of Dogecoin is currently $0.07346, with a -1.21% intraday decline.
According to the charts as illustrated above, the memecoin is bearish and appears to be on its way to a retest of its local high around $0.93.
Dogecoin has not been particularly bullish over the last week. At least, not compared to Bitcoin. However, its bullishness may persist in the upcoming days, according to the MACD for example.
The RSI holds a neutral stance on the daily chart, indicating that the bulls and bears may be in a period of indecision, as neither appears to be strong enough to influence the other.
However, judging by the slight bullishness of the memecoin over the last few days, Dogecoin may continue in its trajectory to the upside, until it hits the top of the channel around $0.9.
From this point, the bears and bulls may push more firmly against one another, creating a breakout or a price decline for $DOGE.
If a breakout happens at the top of this channel as expected, Dogecoin may rally straight up to $0.1 or beyond.
And if a price reversal happens, Dogecoin may decline steeply to the $0.6 zone.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.