Dogecoin (DOGE) Soars Due to Movement of 200 million DOGE to Mysterious Wallet, Heading to $1?

Bittime - The price of the cute dog-themed meme coin, Dogecoin (DOGE), suddenly jumped 10.1% in the last 24 hours, breaking above $0.20! Analysts suspect this price spike was triggered by the massive movement of 200 million Dogecoins from Robinhood to a mysterious wallet. 

This transaction sparked heated discussions in the crypto community about DOGE's chances of hitting the coveted $1 mark again.

This increase continues DOGE's positive trend in the last few days. After stabilizing at the start of the week, DOGE managed to rise 7% on April 6 and surpassed $0.18.

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This DOGE movement worth a total of $35.45 million was detected by Whale Alert. The transaction involved two transfers made within 24 hours.

The Rise of Dogecoin

Source: X/@whale_alert

Initially, the mysterious wallet moved 100 million DOGE worth $17.77 million from Robinhood. This was followed by another transaction of 99.27 million meme coins worth $17.68 million from the same platform. This activity pushed up DOGE prices by more than 7% to $0.196.

Also read: Whale Dogecoin (DOGE) Sends 1.87 Billion Coins, Impact on DOGE Price?

Currently, DOGE is trading at $0.2003, up more than 10% in the last 24 hours and 18.7% in the last month. DOGE prices in the last two weeks are also green, recording an increase of almost 15%. 

However, according to CoinGecko, DOGE's performance in the last week was a little sluggish, down 3.9%.

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Apart from whale transactions, several bullish (positive) metrics also influenced this price increase. Among them was a 31.95% increase in trading volume to $2.23 billion in a day, indicating increased market activity and interest in DOGE.

Open Interest Dogecoin

Source: Coinglass

Additionally, data from CoinGlass shows that open interest (the value of open futures contracts) for Dogecoin has grown 17.5% to $1.67 billion. 

Also read: What is Open Interest and How is it Used?

It should be noted, most of the open interest, namely $553.17 million, was concentrated on Binance, followed by Bybit ($435.19 million) and BingX ($216.98 million). This spread across various platforms shows broad trader involvement.

Overall, Dogecoin's recent price movements and market metrics indicate a resurgence in investor confidence and interest. This confirms the existence of DOGE which continues to be relevant in the crypto world.

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How to Buy Dogecoin (DOGE) on Bittime

You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR. To be able to buy DOGE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime. 

Monitor price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Bitcoin Holds, Dogecoin Soars

DogeDay: The World's Largest Dogecoin (DOGE) Celebration

Dogecoin Soars: Has It Corrected or Still Rising?

Will Dogecoin (DOGE) Whales Push Price to $1?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.