Dogecoin [DOGE] has reignited market excitement as whales accumulate over 470 million DOGE in the past 48 hours.
This massive buying spree signals renewed confidence among large holders, sparking speculation about Dogecoin’s potential for a rally.
Therefore, this recovery suggests that buyers are regaining control, with immediate resistance at $0.40 and a crucial target of $0.50. If buyers continue to exert pressure, the ongoing whale accumulation could further propel the price upward.Dogecoin’s Network Value to Transactions ratio has surged dramatically to 703, marking a significant uptick after a period of extended low values.
Additionally, an uptick in addresses typically points to greater confidence among retail and institutional investors alike. Sustained growth in active addresses could support a broader bullish narrative for Dogecoin.Market sentiment around Dogecoin reflects cautious optimism, with open interest rising 5.25% to $3.49 billion. Recent liquidations reveal a higher volume of short positions compared to long positions .
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