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DogecoinNetwork activity is increasing, with whale transactions recently increasing. According to Alia crypto analyst, the number of transactions exceeding $1 million on the Dogecoin network has surged, reaching 588 transactions in the last 24 hours.
This increase in large transactions is significant and suggests increased activity among large holders, or “whales.” These entities typically move significant amounts of cryptocurrencies in preparation for strategic actions, such as accumulation, sale, and reshuffling of funds, among other reasons.
In one such large transaction, blockchain data tracker Whale Alert reported, in recent hours, “400,000,000 DOGE worth $137,793,702 transferred from an unknown wallet to Binance.”
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The cryptocurrency market has seen bullish momentum recently, with many assets gaining ground. However, this was followed by profit taking at the start of the day. DOGE’s increased trading could reflect broader market trends, although the reasons for the recent rise remain speculative.
Dogecoin Suddenly Skyrockets 11%
Dogecoin suddenly rose 11% in an hour, following reports that Elon Musk’s Department of Government Effectiveness had launched its website with the dog-themed cryptocurrency logo.
Dogecoin graphic designer “dogedesigner” tweeted: “The official website of the Ministry of Government Efficiency contains dogecoin.” At the time of writing, DOGE was up 2.3% over the past 24 hours at $0.381, after hitting an intraday high of $0.401.
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Dogecoin fell for three straight days after reaching a high of $0.434 on January 18 before rebounding. The rally propelled DOGE above the daily 50 SMA at $0.367.
A sustained break above $0.434 could pave the way for a rally up to $0.48. Sellers should actively defend the $0.48 barrier, as a break above it could send Dogecoin to $0.59. In the short term, all eyes are on Dogecoin to see if it can stay above the daily 50 SMA; otherwise, it could fall to $0.31 before $0.27.