Dogemoneta DOGE/USD it rose 8.3% to reach the $0.196 level on Saturday, marking a notable rebound from the weakness experienced earlier this week. A series of transactions with whales and a rise Bitcoin Bitcoin/USD they are contributing to Saturday’s strength.
Bitcoin is often seen as a proxy for the cryptocurrency market. When the price of Bitcoin rises, it tends to create a positive sentiment and optimism within the cryptocurrency community. This positive sentiment may extend to other cryptocurrencies like Dogecoin, leading to an increase in interest and investment.
See also: Longer Bitcoin range could ‘pave the way to above $80,000,’ says Trader
Cryptocurrency markets often go through periods known as “altcoin seasons,” during which alternative cryptocurrencies, or altcoins, see significant price increases. Bitcoin’s rise may signal the start of such a season, prompting investors to allocate more capital to altcoins like Dogecoin in search of higher returns.
What’s happening with whale transactions?
200 million Dogecoins were moved Robin Hood to an unknown wallet, triggering DOGE’s recent price increase. This pushed Dogecoin above the $0.19 level, sparking speculation that it would reach $1. The movement, totaling $35.45 million across two transactions, was reported by Whale alert.
During a week of volatile trading, data from Whale Alert revealed a transfer of 204.6 million DOGE worth $35.2 million from Binance to an unknown wallet. Additionally, two unidentified wallets withdrew 99.9 million tokens from Binance. Notably, there was a surge in whale transactions in early April, particularly the following day CoinBase and Robinhood trades.
See also: Dogecoin Soars as Whale Moves 200 Million DOGE from Robinhood to Unknown Wallet
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