According to CoinGape Analytics:

Dogecoin Price: Whale Shifts $178 Mln Worth DOGE, $0.26 Imminent?

Dogecoin, the most prominent meme-based cryptocurrency by global market cap, ignited a massive torrent of speculative buzz among traders and investors today, as it noted whale activity worth a staggering $178 million. This remarkable whale transaction, emerging amid DOGE’s price run nearing $0.2, promptly gained significant traction among crypto market enthusiasts globally as market dynamics further sketched a bullish scenario for the meme-cryptocurrency.

According to the on-chain data spotlighted by the blockchain tracker Whale Alert, slightly more than 1 billion DOGE was shifted between two unknown addresses, showcasing a sense of interest in the asset among whales. The massive amount of tokens shifted, worth $178.18 million, underscored DOGE’s burgeoning market optimism, falling in line with its recent price rally.

Meanwhile, as CoinGape Media reported yesterday, Dogecoin witnessed yet another surge in whale activity, showcasing the reshuffling of over 1 billion tokens. This collectively illustrated a heightened sense of interest among whales for DOGE, adding to the meme coin’s bullish take in the broader crypto market. While a tidal wave of optimism orbiting the meme coin’s potential topping of $0.2 again persists, falling in line with DOGE’s present market dynamics.

As of writing, the Dogecoin token’s price noted a substantial 4% uptick in the past 24 hours and is currently resting at $0.1882. Accompanied by a 3.99% rise in the meme coin’s market cap and a 25.15% surge in the 24-hour trading volume, DOGE took a bullish stage today.

Simultaneously, derivatives data by Coinglass revealed a 6.33% jump in DOGE’s open interest, whereas volume jumped 31.38%. This further propelled the bullishness on Dogecoin, indicating substantial new money entering the market and a notable surge in market activity. Meanwhile, the OI-weighted funding rate also jotted a spike, reaching 0.0599%, contributing to DOGE’s price rally.