According to Whale Alert 200 million Dogecoin (DOGE), worth $59.93 million, was transferred from an unknown wallet to Binance. But the size of the transfer has stoked speculation about possible trading, sales or liquidity contributions on the exchange, though the purpose of the move is not known.
Dogecoin has staged a comeback by about 13 percent in the past 24 hours after a sharp loss earlier in the week, trading at $0.323. That recovery also matches a wider market rebound, after several major cryptocurrencies recovered from Friday’s sell off.
Dogecoin’s Struggle Below the 50-Day Moving Average at $0.36
Dogecoin was down below the 50 day simple moving average at $0.36 on Dec 19, pressing four days of losses and plumbing a low of $0.262. The cryptocurrency has however surged to a high of $0.35 intraday on Saturday only to pull back slightly.
This buyer resistance is as close as $0.36, and there’s a chance this sells, and we fall to $0.23. If one manages to crack up and above $0.36, this would be a sign of strength at least with the potential target of $0.42, gaining traction at $0.48.
According to a recent report from IntoTheBlock, meme coins will be a major trend for the cryptocurrency space in 2024. In Q1 and Q4 alone, meme coins like Dogecoin have shot up the total market capitalization over 400 percent this year as they hit unprecedented levels.
The report also revealed that there is a sharp increase in people holding meme coins, with more than 6.6 million addresses currently holding Dogecoin. By endorsing Elon Musk’s ‘Department of Government Efficiency’ (D.O.G.E), the token has been helping to cement its position in the crypto market.