Large investors piled into Dogecoin (CRYPTO: DOGE), leading to the sharp rally during Sunday’s overnight trading.
Are Whales Driving The Surge?
Widely followed cryptocurrency analyst Ali Martinez highlighted in an X post that whales accumulated 160 million DOGE tokens in the last 96 hours. The accumulation totaled roughly $18 million at prevailing prices.
Institutions Snap Up DOGE
Spot exchange-traded funds rode the bullish wave, as the Grayscale Dogecoin Trust ETF (NYSE:GDOG), 21Shares Dogecoin ETF (NASDAQ:TDOG), and Bitwise Dogecoin ETF (NYSE:BWOW) attracted nearly $460,000 in net inflows for the week ending May 1, according to data from SoSo Value.
Open interest in DOGE futures jumped nearly 30% to $1.77 billion over the past week, according to Coinglass, suggesting high speculative interest.
The majority of traders were betting on price increases, as evidenced by the Long/Short ratio hitting 1.8.
What Are Technical Indicators Flashing?
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, typically the 12-period and the 26-period, flashed a "Buy" signal for DOGE, according to TradingView.
Conversely, Stochastic RSI, a technical indicator measuring Relative Strength Index strength, suggested a “Buy.”
The Bull Bear Power indicator, meanwhile, which measures the strength of buyers and sellers, hovered in the "Neutral" territory.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1127, up 4.24% in the last 24 hours, according to data from Benzinga Pro. Over the week, the dog-themed memecoin has rallied over 12%.
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