Dogecoin, the largest meme-based cryptocurrency by global market cap, piqued significant investor attention today, April 6, as its price regained upward momentum following a considerable downturn witnessed within the broader crypto market. Amid this upward trajectory embarked upon by DOGE’s price, 200 million coins accumulated by a whale added a dash of market optimism to the dog-based meme token, fueling bullish thoughts among investors for its price action ahead.

Meanwhile, with the token rebounding today, as its price topped $0.18, signs of a potential end for DOGE’s correction persisted in the market. Crypto market enthusiasts further speculate over DOGE’s potential to scale the highly optimistic level of $1 ahead, as whale accumulations for the token appear to be on the rise. Additionally, with the meme token showcasing strong resilience as it prevented further downturns, the broader market expects a potential bull run for Dogecoin, with the upcoming BTC halving frenzy.

Dogecoin Whales Fuel Market Optimism

According to the data unveiled by Whale Alert, an unknown wallet address, …wwKF, accumulated 199.27 million DOGE in a series of two transactions over the past 24 hours. The first transaction illustrated 100 million DOGE, worth $17.77 million, accumulated from Robinhood, whereas 99.27 million coins, worth $17.68 million, were bought from the same exchange in another transaction.

As mentioned above, these transactions nabbed significant attention, as the DOGE price promptly topped $0.18 following the surfacing of the accumulations. Meanwhile, CoinGape Media reported similar DOGE accumulations to be on the rise recently.

This, in turn, sparked immense investor enthusiasm, resulting from the whales’ confidence in the asset, as seen by burgeoning accumulations. Meanwhile, market dynamics for DOGE further added a bullish tint to the token, accompanied by the price recovery-birthed optimism in the broader crypto market.

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Dogecoin Price Jumps

As of writing, the Dogecoin price has risen 2.93% in the past 24 hours and is currently resting at $0.181. With the token noting a surge in its price and the whale accumulations further weighing in, the dog-based meme token took a bullish stage today.

Further, a 3.58% spring in DOGE’s open interest, per Coinglass data, underscores heightened investor interest in the asset, with money inflows in the derivatives market, adding up to DOGE’s reflection of a potential end of correction.

In the interim, technical indicators point out a buying sentiment for the asset in the market, aligning with the whale accumulations. With the RSI hovering at 52, signaling a neutral sentiment, it is essential to note that if buying pressure further rises, DOGE could note a significant upturn, potentially paving the way for $1. However, if the token encounters increased selling pressure with price gains and profit-taking behaviors, it could witness a downtrend, pulling prices back to previous support levels.

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The post Dogecoin Price Rebounds For $1 As Whale Buys Huge 200M DOGE appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am