Whales Transfer Millions of DOGE onto Exchanges, Is a Major Price Action Underway?

Dogecoin price had received immense attention in recent times as Elon Musk acquired Twitter and completed the $44 billion deal. While many speculated that the asset may also be included as one of the payment options along with other cryptos, the DOGE price gained huge bullish momentum.

Timeline of Dogecoin

After the widely publicized purchase of Twitter (NYSE: TWTR) by Tesla (NASDAQ: TSLA) CEO Elon Musk, the founder of Cardano (ADA) shared his thoughts on how the social network could be made decentralized using blockchain and cryptocurrencies.

Litecoin (CRYPTO: LTC) is posting significant gains, after trading below the $60 mark for several weeks.  What Happened: LTC made a surprising jump, surging 32.35% over the past seven days, trading at $72.10, at the time of writing.

On Nov. 2, 2022, the digital asset custody business and financial services provider Bitgo introduced a wrapped version of the meme coin asset dogecoin built on top of the Ethereum blockchain. The company detailed the wrapped dogecoin initiative, the Wdoge DAO, is through a partnership between the Dogecoin Foundation, Bluepepper, and Mydoge wallet.

Dogecoin, earlier today, once again initiated a rally that enabled it to go up by 6% in just 24 hours, peaking at $0.127. But as hours went by, DOGE lost some of its momentum as it is now trading at $0.122 according to tracking from Coingecko.

Twitter has reportedly shelved plans to build a crypto wallet, amplifying Dogecoin losses after a bountiful bull run last week. According to a report by tech blogger Casey Newton, the decision to set aside the wallet was part of the company's restructuring plan initiated by its new owner Elon Musk.

Dogecoin price analysis for November 6, 2022, shows the meme cryptocurrency following a declining movement for the last 48 hours. The price spiked from $0.1186 to $0.1353 on November 5, 2022.

Twitter and its new owner, billionaire and Tesla CEO Elon Musk, is currently under fire following a decision that will effectively make the social media platform a dubious source of information – or so detractors of the social media giant under new management says.

Dogecoin price prediction remains bullish above the $0.1200 level, which is being extended by 38.2% Fibonacci retracements. Since Elon Musk acquired control of Twitter a month ago, Dogecoin has been one of the top-performing cryptocurrencies. 

After finding a bullish volatile break, Dogecoin witnessed a bullish pattern on its daily chart. DOGE's Open Interest in the past 24 hours corroborated with the increased bullishness.

Dogecoin price analysis shows an encouraging 4 percent increment from trade over the past 24 hours. Price lowered down to $0.116 yesterday, before making a move up to $0.135 today to consolidate above the $0.11 support.