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In a big step, 200 million Dogecoin Recently transferred from an unknown wallet to Binance. according to Whale alert“200,000,000 DOGE worth $59,925,858 was transferred from an unknown wallet to Binance.”
Major transfers to cryptocurrency exchanges like Binance could point to some possible scenarios. It can indicate the intention to trade or sell. The move could be part of preparations to provide liquidity on Binance; However, the exact cause is still unknown.
After falling earlier this week, Dogecoin is back, with its price rebounding nearly 13% over the past 24 hours to trade at $0.323. This rise is in line with a broader market recovery, with several major cryptocurrencies also posting gains following Friday's sell-off.
Dogecoin fell below its 50-day simple moving average at $0.36 on December 19 to record a four-day decline. The dog coin reached lows of $0.262 in the Friday session before rebounding strongly. The recovery reached an intraday high of $0.35 in the Saturday session before pulling back slightly.
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On the upside, the current recovery is expected to face selling at the daily 50 SMA at $0.36. If the price continues to decline, Dogecoin could drop to as low as $0.23. The first sign of strength will be a break and close above $0.36, with potential targets at $0.42 and $0.48.
The number of Dogecoin holders accelerated to 6.6 million
According to the recent IntoTheBlock website a reportMemes represent one of the five major trends that will reflect the transformation of the cryptocurrency space in 2024.
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Meme coins, plus Bitcoinis another growing sector of market share in the cryptocurrency industry. In 2024, the total market capitalization of memecoins rose by more than 400%, after hitting a wave of strong momentum in the first quarter and again in the fourth quarter. Throughout 2024, the total market capitalization of meme coins has risen by nearly 11 digits, IntoTheBlock added.
In line with this, the number of meme holders accelerated in 2024, with more than 6.6 million addresses holding Dogecoin, having benefited from its association with Elon Musk and his Department of Government Efficiency (DOGE).
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