$DOGE Price Hovers Near Support Zone After Massive Whale Buys
Dogecoin's price is hovering near $0.073 after massive purchases by large whales in mid-July, but can it break its downtrend? According to recent market activity, a significant transfer of 200 million $DOGE worth approximately $14 million occurred through Robinhood on July 19.
The Dogecoin derivatives market volumes surged 114% to reach $740 million. Analysts tracking the TD Sequential technical indicator suggest that consecutive buy signals historically coincide with bottom zones, though this pattern offers no guarantee of a reversal.
Elon Musk's interaction with a post featuring the Doge meme sparked speculation among users. However, public blockchain documentation links no wallet belonging to the magnate to the recent transaction.
Despite these developments, institutional activity shows a different trend. Glassnode data suggests that net inflows into spot ETFs remained at zero for two consecutive weeks, coinciding with a contraction in weekly trading volume.