Dogecoin DOGE/USD has surged 8.3% to reach the $0.196-level on Saturday, marking a notable rebound from weakness experienced earlier this week. A series of whale transactions and a rise in Bitcoin BTC/USD are contributing to Saturday’s strength.
Bitcoin is often seen as a bellwether for the cryptocurrency market. When Bitcoin’s price rises, it tends to create positive sentiment and optimism within the cryptocurrency community. This positive sentiment can spill over to other cryptocurrencies like Dogecoin, leading to increased interest and investment.
See Also: A Longer Bitcoin Range Could ‘Pave The Way Towards $80K+,’ Says Trader
Cryptocurrency markets also often experience periods known as “altcoin seasons,” during which alternative cryptocurrencies, or altcoins, see significant price increases. Bitcoin’s rise can signal the beginning of such a season, prompting investors to allocate more capital into altcoins like Dogecoin in search of higher returns.
200 million Dogecoins moved from Robinhood to an unknown wallet, sparking DOGE’s recent price surge. This pushed Dogecoin past the $0.19-level, prompting speculation about reaching $1. The movement, totaling $35.45 million in two transactions, was reported by Whale Alert.
Amid a volatile week of trading, Whale Alert data revealed a transfer of 204.6 million DOGE worth $35.2 million from Binance to an unknown wallet. Additionally, two unidentified wallets withdrew 99.9 million tokens from Binance. Notably, a surge in whale transactions occurred in early April, particularly on Coinbase and Robinhood exchanges.
See Also: Dogecoin Soars As Whale Moves 200 Million DOGE From Robinhood To Unknown Wallet
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