Eye on Dogecoins [DOGE] > Electoral activity worth two million dollars reveals…

Dogecoin [DOGE] It is a cryptocurrency that recently caught the attention of whales. First, the past 24 hours have been exceptional for the meme coin as Binance Smart Chain (BSC) whales traded more than $2 million on DOGE.

According to DogeWhaleAlert, proces The number of whales around the altcoin has increased more than usual. It all started when the top twenty coin wallets transferred 4.42 million DOGE to an unknown wallet. Then another $327,147 followed, before hitting $627,852.

Thanks for the note, but…

Aside from voter participation, another aspect that investors can consider is activity on the platforms on which DOGE is located. A look at Robinhood’s platform confirmed that DOGE traders have accelerated their activities. At the time of publishing this report, retail investors own 30.14% of the supply circulating across Six Robinhood governor. This information has also been confirmed by DogeWhaleAlert.

But any cause for celebration may have to be paused as DOGE price has just consolidated. At the time of writing, DOGE is trading at $0.062, with volume up 13.73% in the last 24 hours. However, the cumulative performance over the past seven days was negative at -1.96%. This reduction did not prevent DOGE from bypassing Shiba Inu [SHIB] in newly times. As for the expected price in the near term, it may seem too early to expect a rally.

Interestingly, the Moving Average Convergence Divergence (MACD) seems to have different plans than the bearish ones. Based on the 4-hour chart, the MACD indicated that DOGE buyers (in blue) have maintained their momentum towards sellers (in red).

Source: DOGE / USD, TradingView

However, this did not see any bullish momentum as the 19-26 exponential moving average (EMA) remained below its zero point in the chart. Another confirmation of investors’ cautious stance was Unbalanced Volume (OBV). At press time, OBV stands at 302.85 billion – slightly down from 304 billion on August 26. Although it doesn’t seem like a huge drop, it just means that the whale’s circulation wasn’t enough.

For on-chain metrics, DOGE’s active titles only increased slightly to 123,000. In addition, market capitalization to realized value (MVRV) declined 16.20%, according to feelings. Therefore, it may not be best to take advantage of the recent election trading of price increase expectations.

Source: feeling

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