Dogecoin, a leading altcoin, has experienced a remarkable 7% price surge in just 24 hours. However, a significant transaction has raised eyebrows, as a major investor sold approximately 200 million DOGE, worth $30.86 million, from an anonymous wallet to Robinhood. This move has sparked speculation about potential selling pressure that could halt Dogecoin's upward momentum.

Despite this significant sale, buying pressure from other whale accumulations continues to support the DOGE price. According to IntoTheBlock, large Dogecoin transactions have increased over the past month, peaking at 1.86 thousand transactions on May 14, 2024.

This surge in network activity indicates increased participation from whales and institutional investors. Currently, DOGE is trading above $0.15, with a market cap of $22.46 billion and a 24-hour trading volume of $1.96 billion, reflecting an 18.33% increase.

Open interest in Dogecoin futures has also risen by 11.83% to $884.94 billion, indicating growing interest among derivative investors. Short sellers dominate liquidations with $2.51 million, signaling a potential short squeeze that could sharply drive up DOGE's price.

However, technical indicators show that Dogecoin's price dynamics are at a critical point, with the 50-day Exponential Moving Average (EMA) around $0.1652 acting as a resistance. A breakout above this level could signal a bullish market, while the 100-day EMA at $0.1434 and 200-day EMA at $0.1237 serve as support levels against significant declines.