According to cryptocurrency data tracker Whale Alert, a sizable portion of Dogecoin has changed hands throughout the past day.
Three different transactions included the transfer of more than 631.3 million Dogecoins, according to Whale Alert. Initially, $6,812,612 worth of 92,313,653 DOGE were transferred from Robinhood to an unidentified wallet. Secondly, $35,261,581 worth of DOGE was transferred from an unidentified wallet to Bittrex. Third, Robinhood received a deposit of 70,087,832 DOGE, or $5,202,986, from an unidentified wallet.
https://x.com/whale_alert/status/1727090293852311921?s=20
On its daily chart, Dogecoin has verified a bullish crossover. Notably, this is the first time since a year ago that the moving average (MA) 50 has crossed above the MA 200, or a golden cross.
On the Dogecoin daily chart, a golden cross last showed up in November 2022. A death cross appeared in March, and then the market shot up to highs of $0.104 before the bears grabbed over.
This newest “golden cross” is the first of 2023; the last one appeared on the Dogecoin daily chart in November 2022. A death cross appeared in March, and then the market shot up to highs of $0.104 before the bears grabbed over.
Despite a golden cross showing up on its chart, Dogecoin has dropped 3.41% on the previous day to $0.074 at the time of writing.
Having said that, in order to avoid becoming stuck on one side of the market, traders need closely monitor the market movement. Moving average crossovers may happen when the market is already overbought or oversold and is set for a correction or rebound, which is why some view them as lagging indicators.
Dogecoin addresses that are now active have increased significantly—by 87.1% since early November, according to on-chain monitoring company IntoTheBlock. By November 20, there were 90,690 active Dogecoin addresses, up from 48,470 on November 1. One may view the increase in address activity as advantageous for Dogecoin.
Another encouraging aspect is that Pittsburgh-based Astrobotic plans to use ULA’s Vulcan Centaur Rocket to launch a real Dogecoin into space in the DHL Moonbox on December 23, 2023.
