• 83.15% of top traders on Binance held long positions of DOGE.
• Dogecoin could soar by 25% to reach the next resistance level of $0.45 if it holds itself above the $0.345 mark.

Dogecoin [DOGE] was gaining attention from crypto enthusiasts despite a recent price decline.

Following the rate cut announcement and the anti-crypto stance by Jerome Powell, the Fed Chair, market sentiment shifted. This resulted in a significant sell-off in the crypto market.

Rising interest in Dogecoin 

Amid the market sell-off, DOGE has experienced a price decline of over 13.5%. Despite this decline, whales and long-term holders have shown strong interest in the meme coin, according to on-chain analytics firm Coinglass.

Data from DOGE’s Spot Inflow/Outflow revealed a significant $150.03 million worth of DOGE outflow from exchanges across the cryptocurrency market.