Key Insights:
- A mammoth 350 million DOGE was transferred from one anonymous wallet to another.
- The transaction occurred in less than an hour and cost a fee of 4.16 DOGE (31 cents).
- Dogecoin has been in good form lately.
A crypto-tracking platform, Whale Alert, reported that a massive amount of DOGE was sent from one unknown wallet to another. The transfer of 350 million DOGE, worth the equivalent of $26,581,455, took place in under an hour.
Widely praised by fans, it was reported that the whale transferred the crypto over 11 different transactions. In addition, it cost a transfer fee of a mere 4.16 DOGE (31 cents).
Dogecoin has been on an upward trajectory since it hit a five-month low of $0.065 in early March. On-chain data shows that a combination of huge reserves and high transactions is behind this.
Why is DOGE showing bullish signals?
As reported by the reputable blockchain platform, IntoTheBlock, Dogecoin miners enlarged their reserves by more than 300 million coins in March this year. Typically, miners stock up on reserves majorly ahead of a decrease in mining costs and projection of future profits.
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Dogecoin miners now have $357 million worth of DOGE, which is approximately 3.5% of its total market cap. This puts them in a unique position to immensely influence any upcoming price.
Furthermore, huge DOGE transactions have increased considerably. Whales have undergone 587 transactions worth more than $100,000 since early March, and have reportedly exceeded 800 daily transactions.
Also, 34,285,849 DOGEs were transferred from multiple wallets to a Binance wallet. To many, these coins would most likely get sold, just like others, which caused massive withdrawals amounting to $2 billion at Binance.
This is due to the lawsuit it was hit with by the CFTC recently. Binance was alleged to have infringed some trading regulations, and its head, Changpeng Zhao getting arrested and prosecuted.
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Other cryptos as well have been transferred from Binance, as more than 80 million XRP has been withdrawn within the past week.
Where next, DOGE?
DOGE currently trades at $0.0743, stuck between the 200-day SMA of $0.08 and $0.07. As it nears the resistance at $0.07890, many enthusiasts opine that it might get to $0.08.
Plus, if there is a break and close above the 200-day SMA, supplementary buying might push it to the overhead resistance zone between $0.10 and $0.11. Conversely, if it turns down from the 200-day SMA, and it plummets below the support at $0.70, it might reduce to $0.05.
In addition, the DOGE team has stated that they intend to update the project further. Michi Lumin, a DOGE developer, said they would be integrating support for QR codes, Windows-related programs, and extra languages. This would take care of the issues plaguing the developers such as truncation fixes and memory integrity checks.
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Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but 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.
