Recent on-chain data suggest that this accumulation of exchanges is still ongoing. Interestingly, Whale Alerts data shows that the cryptocurrency exchange Robinhood has accumulated 1 [] 200 million DOGE tokens in the past few hours, worth $18 million. This continued accumulation suggests that some whales remain bullish on DOGE and are ready for the final bullish outlook.

Why is this so important for dogecoin? Whale movement and sentiment are critical to any cryptocurrency, especially for meme tokens like Dogecoin, whose value is driven mainly by hype and market sentiment, rather than the need for their practicality. These whales often affect the market, and the overweight or selling by a small number of large traders could change the sentiment of other investors.

At the time of writing, DOGE was trading at $0. [] 1,516. The price adjustment between May 6 and 9 appears to end after the $0. [] 143 water * * bounce. Currently, DOGE is up 3% in the past 24 hours and 14% in the past seven days. Thus, this suggests that the accumulation may have had a bullish effect on the price of DOGE.

In a larger time range, the price level of $0. [] 143 is a strong support level for DOGE. The latest rally could be the starting point for the next round to new highs this month. The continued overweight of the bulls could push Dogecoin above resistance at $0. [] 16 and $0. [] 20. In turn, this could lead DOGE to eventually break through its current all-time high and eventually reach $1. To achieve this, there are many bullish factors to implement in addition to overweight. On the other hand, the bearish reversal could cause DOGE to fall to the next support level of 0. [] $13.

According to Santiment, much of the attention around the meme coin is focused on TRUMP, TURBO, PONKE, and MYRO.