When Billy Markus and Jackson Palmer first introduced the original meme cryptocurrency Dogecoin in early December 2013, it showed an over 6% increase before showing an almost identical decline, albeit it still increased by little over 2% in the previous day.
Meanwhile, DOGE has moved into the so-called “Greed” zone, according to statistics published on Twitter by the @DogecoinFear account (which is a member of the cryptocurrency Fear and Greed Index).
https://x.com/DogecoinFear/status/1740689192320110781?s=20
Dogecoin rushes into “Greed” zone
This suggests that a correction to this specific cryptocurrency market may be on the horizon. But the cost is rising—at least for the time being. Dogecoin is now trading on Binance for $0.0926 as of this writing.
A cryptocurrency is likely to be accumulated by astute traders and investors when the CFGI indicates that it is in a “fear” or “extreme fear” zone. Between the two zones, there is a “neutral” position as well.
Dogecoin was in the neutral position earlier today, according to statistics from the CFGI website, and the overall “greed” and “neutral” values have been fluctuating quickly today.
Dogecoin whales’ activity surges
The prominent cryptocurrency watchdog Whale Alert revealed information on a significant Dogecoin transfer from an unknown wallet to the asset trading site Robinhood earlier this week. At the time of the handover, the whale shovelled 230,000,000 DOGE, valued at $21,610,674.
https://x.com/whale_alert/status/1740173484154667332?s=20
This was around the same period of time as previously stated, during which Dogecoin increased by 5.66% to $0.0951 per coin. A week prior to that, the previously stated blockchain investigator also revealed that Dogecoin valued at over $10 million had been transferred; however, this time, it was taken out of Robinhood.
All things considered, Whale Alert has been documenting big-scale DOGE transactions very often lately, many of which include Robinhood. This suggests that the number of huge investors, or “whales,” in the cryptocurrency world is increasing. Whale Alert recorded 300 million Dogecoin being moved to Robinhood on December 1st. Thereafter, there were around five transactions totaling little under 100 million DOGE.
With a market valuation of $13,181,067,311 as of right now, Dogecoin is ranked 10th on the popular analytics website CoinMarketCap, which is owned by Binance. Elon Musk, dubbed “The DogeFather,” is a tech billionaire and one of its most prominent backers.
