Dogecoin Dives into Action: 1,645% Surge in Whale Activity Sparks Bullish Run!

An open-source peer-to-peer digital currency, favoured by Shiba Inus worldwide.

Surge in Whale activity

There has been a notable surge in whale activity for Dogecoin (DOGE), with whale transactions increasing by 1,645%, indicating rising interest in the cryptocurrency. On October 12, 2024, large holders moved about 405.82 million DOGE, significantly up from 133.08 million the day before. The net inflow of DOGE into large wallets also rose sharply from 22.35 million to 367.82 million, suggesting that major holders are accumulating rather than selling. This behavior reflects increased confidence in DOGE's growth potential and could signal a bullish trend for the asset.

DOGEUSD was one of the top performers in the past one week and surged more than 30% with a good uptick in volumes. It hit a high of $0.1370 and is currently trading around $0.1361.

In the 4- hour chart, the pair is holding above short-term (34 and 55-day EMA) and long-term 200 EMA ($65.80).

The bearish invalidation can happen if the pair closes above $0.070. On the lower side, the near-term support is $0.110. Any close below targets $0.10/$0.080.

The immediate resistance stands at around $0.150. Any breach above confirms a minor pullback. A jump to $0.180/$0.225 is possible. A surge past $0.250 will take DOGE to $0.360.

It is good to buy on dips around $0.110 with SL around $0.070 for TP of $0.225.