Dogecoin (DOGE), the cryptocurrency that was inspired by meme inspired cryptocurrency and has a dedicated following, has been getting an abundance of positive attention lately. People who bought it are extremely pleased because the price has gone up by almost 8% in the last week. But a recent deal by a significant DOGE buyer makes it hard to tell what will happen to the price of this digital asset in the future.
On the whole, people in the bitcoin market have been optimistic, which has been good for DOGE. In the last week, the price of DOGE has gone up a lot. Its value has gone up 3% in the last 24 hours alone, to $0.152. Investors have been looking forward to a steady price rise, so they are pleased with this move up.
Dogecoin Futures Interest Soars
On the market for derivatives, Dogecoin Futures have also seen a lot more action. Open interest in Dogecoin Futures rose by 9%, which shows that traders who want to make funds from price changes through futures contracts are once again interested.
The pressure has also been felt by people who are shorting stocks. Coinglass data shows that they have had to deal with liquidations totaling $2.27 million. This could lead to a short squeeze, in which short sellers are forced to buy back DOGE to cover their bets.
This could make the price go up even more. This positive view is tempered, though, by the fact that a recent “whale” transaction could make people want to sell.
Some people in the Dogecoin community have concerns that this is important. It was said by Whale Alert that 200 million DOGE, which is about $30.86 million, was sent to the selling site Robinhood. Because of this significant move, some people think that the whale is about to sell off a lot of their stocks. This could make it hard for sellers to get rid of DOGE and stop its present rise.
DOGE seems to be trying to break out of its daily downward trend, which will be beneficial for people who want to buy it because they think the price will go up. Because of this, the price of DOGE is still going up even though more study has been done on it.
