The Dogecoin (DOGE) cryptocurrency recently gained substantial traction within the crypto realm as the token witnessed an increase in whale activity. The colossal whale movement caught the eyes of traders and investors within the broader crypto market as it dumped colossal amounts of DOGE to Robinhood, a digital asset exchange.
Meanwhile, the token also noted significant gains over the past few days, sparking curiosity among market enthusiasts.
DOGE Whale Activity: Report
Whale Alert, a platform offering blockchain tracking insights, recently unveiled data showcasing the transfer of DOGE to a centralized exchange.
As per the data, an unknown wallet address, DDuXG….ruc1wwKF, transferred 300 million DOGE to Robinhood today, November 13. The amount of tokens transferred to Robinhood totaled a whopping 25.03 million.
The aforementioned transfer of DOGE to Robinhood indicates an increase in the token’s supply, stirring up speculation within the broader crypto market.
However, the price jump witnessed by the meme-based cryptocurrency appears to come contrary to the dumping of tokens to exchanges.
Moreover, Ali, a cryptocurrency analyst and trader recognized on X social media, has posted a chart along with expert insights on what the original meme cryptocurrency requires to achieve a significant surge to $0.14 per coin.
DOGE Price Jumps
At the time of writing, the Dogecoin price noted a marginal surge of 3%, evaluating $0.08399. Furthermore, the token witnessed a 9% surge over the past week, along with a monthly upswing of 26%. Besides, the market cap was also up by 3.13%.
Meanwhile, the trading volume in the past 24 hours was also up by 9.32%.
The price surge witnessed by the token appears concurrent to the recent remarks made by Ali.
Ali notes that the primary meme coin is encountering a substantial obstacle on the weekly chart, with DOGE being stagnant at $0.087.
This critical level represents the convergence of the 0.786 Fibonacci level, along with both the 100-week and 200-week EMAs, forming a formidable barrier that proves challenging for DOGE to overcome.
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