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The Dogecoin (DOGE) rate on the night of Wednesday, February 1, strengthened to $0.097. The last time the altcoin traded at this level was in early December 2022.
Over the past day, the capitalization of the cryptocurrency increased by more than 11% to $12.906 billion. Over the week, DOGE has risen in price by almost 10%.
Most likely, the altcoin peaked as whale wallets became active.
They usually start moving when the coin finds a bottom or rises to peak values. Large DOGE addresses may start resetting during today’s session.
WhaleAlert data signals whales are ready to start selling. The service recorded the flow of cryptocurrency to the exchanges and its redistribution between large wallets.
Analysts drew attention to the movement of 450,000,000 DOGE in the amount of more than $40 million. Another whale transaction was the sending of Dogecoin for $32.672 million to Binance.
Another top 20 wallet transferred 61,918,730 coins worth $5.74 million to the Binance platform as well.
If the whales start realizing, then the altcoin will not be able to break through to $0.1.
Open interest in DOGE futures is on the rise, according to CoinGlass data. On January 31, it rose to $469.134 million, the highest level since November last year.
Binance, ByBit, and OKX exchanges have the largest number of contracts deployed, with $258.83 million, $93.82 million, and $78.88 million, respectively.
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