You can also read the following news on BH NEWS: Dogecoin Races for a Breakout
After stabilizing at $0.21 at the end of August, Dogecoin is showing signs of a rebound. This recovery was particularly evident during the trading sessions of August 30th and 31st, driven by whale trading and active exchanges. Despite ongoing market volatility, growing institutional investor interest in Dogecoin suggests a positive outlook.
How do whale transfers impact Dogecoin?
On August 28th, the price of Dogecoin fell 5%, from $0.22 to $0.21. This decline was primarily attributed to a mysterious transfer of 900 million DOGE (worth approximately $200 million) between August 24th and 25th. As these funds flowed into the Bin@ce wallet, speculation of potential selling pressure spurred an 8% drop in open futures interest.
Meanwhile, individual investors continued to sell, but data shows continued accumulation by institutional investors. Throughout August, large investors purchased 680 million DOGE, reflecting continued investor interest.
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