Millions of Dogecoin Moved as Golden Cross Emerges

Millions of Dogecoins were on the move within the last 24 hours, marking the first golden cross for Dogecoin in 2023. Reports from the Whale Alert indicate that over 631.3 million Dogecoins were transferred in three separate transactions. Additionally, an unknown wallet deposited 70,087,832 DOGE worth $5,202,986 into Robinhood. Furthermore, a significant amount of DOGE worth $35,261,581 was transferred from an unknown wallet to Bittrex.

Dogecoin confirmed a bullish crossover on the daily chart, with the 50-day moving average (MA) crossing above the 200-day MA, forming a golden cross – the first of its kind since last year. The last time a golden cross appeared on Dogecoin’s daily chart was in November 2022. In March, a death cross formed, followed by a swift rise to its peak at $0.104 before bearish dominance.

At the time of writing, Dogecoin had experienced a 3.41% decrease in the past 24 hours, trading at $0.074, despite the emergence of the golden cross on its chart. Traders should remain attentive to market trends to avoid falling on the wrong side of the market. Some consider moving averages as lagging indicators, potentially signaling a correction or reversal when the market is already in an overbought or oversold condition.

READ MORE Whale Transfers Over 103 Million Dogecoins from Robinhood

Active Dogecoin addresses surged from 48,470 on November 1st to 90,690 by November 20th. The significant increase in address activity could be viewed as a positive for Dogecoin. Notably, there has been a substantial 87.1% growth in active Dogecoin addresses since early November.

Lastly, Astrobotic, based in Pittsburgh, aims to send actual Dogecoin to the moon in a DHL Moonbox on December 23, 2023, using ULA’s Vulcan Centaur Rocket.

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