SUNDOGE Price Rally Imminent? Whale Buys Millions of Tokens

The just lately launched Tron-based Sundog (SUNDOG) meme coin has obtained huge consideration from crypto fans and is poised for a major worth enhance, presumably because of rising curiosity from whales. On September 14, 2024, on-chain analytics firm Lookonchain posted on

Whale curiosity in SUNDOG

This huge buy comes after the crypto whale purchased $2 million value of SUNDOG two days earlier, as reported by CoinPedia.

Regardless of the large buy, SUNDOG stays secure and has not skilled a worth enhance similar to that of September 12, 2024, when the worth rose greater than 25%. On the time of writing, it’s buying and selling close to $0.34 and has skilled a worth drop of over 2.75% within the final 24 hours. Throughout the identical interval, buying and selling quantity fell by 11%.

This drop in buying and selling quantity could also be as a result of current market correction following a gentle worth enhance within the cryptocurrency market.

SUNDOG worth forecast

Based on knowledgeable technical evaluation, SUNDOG is experiencing a worth correction and will stay bearish for a brief interval because it has skilled a worth enhance of over 85% previously week. Primarily based on SUNDOG’s current worth momentum, if the every day candle closes beneath the $0.331 stage, there’s a excessive likelihood that the worth will drop 15% to the $0.288 stage within the coming days.

Bullish statistics within the chain

Whereas continued help from whales and buyers might change SUNDOG’s bearish sentiment. Based on the on-chain analytics firm Mint glassFuture open curiosity is steadily rising, indicating that merchants and buyers are in a shopping for temper.

Moreover, SUNDOG’s Lengthy/Quick ratio presently stands at 1.029, indicating bullish market sentiment amongst merchants. Presently, 50.64% of SUNDOG’s prime merchants have lengthy positions, whereas 49.36% have brief positions, indicating that bulls are dominating the asset.