Signs of easing geopolitical tensions have lifted cryptocurrencies, including Dogecoin (CRYPTO: DOGE), and whales have started loading up on the memecoin.
Whales Getting Ready For DOGE’s Leg Up?
Widely followed cryptocurrency analyst Ali Martinez highlighted in an X post on Thursday that large investors bought around 330 million DOGE tokens this week. At the prevailing prices, this amounted to $32.34 million
Exchange-traded funds rode the bullish wave, as the Grayscale Dogecoin Trust ETF (NYSE:GDOG), 21Shares Dogecoin ETF (NASDAQ:TDOG), and Bitwise Dogecoin ETF (NYSE:BWOW) attracted over $1.5 million in net inflows over the last week, per data from SoSo Value.
Hope Builds for Iran War Resolution
President Donald Trump’s string of positive remarks on the Iran conflict has reignited risk-on sentiment, boosting cryptocurrencies—including Dogecoin. The top memecoin has rallied over 6% in the past week.
Notably, Martinez had identified $0.088 as a critical level to watch for DOGE.
“This is the definitive line in the sand. If it holds, we reset and try again. If it breaks, the bears take control,” they added.
The Dominant Sentiment
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Buy” signal for DOGE, according to TradingView.
Conversely, the Commodity Channel Index, which measures the difference between the current price and the historical average price of an asset, signaled “Sell.”
Sentiment among Binance derivatives traders was “extremely bullish,” according to Coinglass, with both retail and whales placing significantly more long positions than shorts.
Price Action: At the time of writing, DOGE was exchanging hands at $0.09801, up 1.66% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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