Whales Move Millions of DOGE Triggering a 10% Jump-Is Elon Musk Again Pulling Up the Price?

The post Whales Move Millions of DOGE Triggering a 10% Jump-Is Elon Musk Again Pulling Up the Price? appeared first on Coinpedia Fintech News

After undergoing acute stress, the crypto space has been witnessing a minor upswing in the past couple of days. Meanwhile, the rounds of BlockFi filling for bankruptcy were believed to ignite fresh bearish movements, but the markets rebounded finely following a slight pullback. Meanwhile, Dogecoin again gained the spotlight with a remarkable upswing that assisted the price to reclaim back $0.1 levels.

Massive Whale Movement Captured

No sooner had the DOGE price ignited a significant upswing, than millions of tokens were moved. A popular on-chain data provider revealed the movement of nearly 300 million DOGE from the wallet of the largest Dogecoin whale. 

Whales or market makers always move ahead of price increases.

The price of $DOGE has risen by nearly 8% in the past 2 hours.

And the largest whale of $DOEG transferred 300M $DOGE($30M) 5 hours ago.@elonmusk did you pull the price up? pic.twitter.com/kVNPx7F4SR

— Lookonchain (@lookonchain) November 29, 2022

As per bitinfocharts.com, the whale address is said to be that of Robinhood Exchange. The transfer of 300M DOGE was recorded as the price experienced a significant upswing. Therefore, it points out the rising demand for the asset. In other words, the DOGE price is expected to maintain a significant upswing as the bullish momentum has coiled up. 

Impact on the Dogecoin (DOGE) Price

• Dogecoin price is trading within an ascending trend for the past couple of days as the buying pressure mounted significantly

• Despite a rejection from 0.38 FIB levels, the price rebounded finely and is again testing the same levels at $0.1053 

• The price is expected to slice through these levels after a brief consolidation and an attempt to reach $0.11 initially and later rise high to reach $0.12

• Meanwhile, if the DOGE price faces rejection at these levels, then a drop back to 0.23 FIB levels may accomplish the double-top pattern which may further decline the prices notably

Overall, the Dogecoin price appears to have risen above the bearish pressure and hence may set up a decent upswing hereafter. Besides, the demand for the asset also has surged notably which may elevate the prices ahead.