CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2025-02-28 00:42:44

Time to Buy Dogecoin? Whales Buy 530 Million DOGE

The post Time to Buy Dogecoin? Whales Buy 530 Million DOGE appeared first on Coinpedia Fintech News Amid the ongoing bearish price momentum, Dogecoin (DOGE), the largest and most popular meme coin, has been gaining significant attention from crypto enthusiasts due to its notable price drop in recent days. Crypto Whales Buy 530 Million DOGE On February 28, 2025, a prominent crypto expert shared a post on X (formerly Twitter), revealing that during the past three days of DOGE’s price decline, whales have bought the dip, accumulating a significant 530 million DOGE. https://twitter.com/ali_charts/status/1895217845186724299 DOGE’s on-chain data shows that it has experienced a price drop of over 17% during the period when whales bought the dip. It appears that they began accumulating after the breakdown of the crucial support level at $0.238. Dogecoin (DOGE) Price Action and Upcoming Level According to expert technical analysis, DOGE appears bearish but has been consolidating in a tight range near the crucial support level of $0.175 for the past two trading days. Based on recent price action and historical patterns, DOGE still seems bearish and could drop another 15% in the future. Source: Trading View As of now, the asset is trading below the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating a downtrend. Current Price Momentum and Decline of Open Interest DOGE is currently trading near $0.206 and has experienced a modest price surge of over 1.75% in the past 24 hours. However, during the same period, its trading volume dropped by 30%, indicating lower participation from traders and investors, possibly due to the significant price fluctuations the meme coin has witnessed in recent days. With the bearish market outlook, data from the on-chain analytics firm Coinglass revealed that intraday and derivative traders appear to be abandoning DOGE, as its futures open interest (OI) has dropped to its lowest level in 2025. Source: Coinglass Since the presidential inauguration, DOGE’s OI has fallen from $5.25 billion to $1.79 billion, reflecting fading trader interest, possibly due to market uncertainty and declining momentum.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.