Dogecoin (DOGE) has experienced one massive increase in whale activitywith major investors purchasing large amounts of tokens in the last 24 hours. This surge in buying activity is coming from there Dogecoin price is preparing for a potential rally, offering a discount to whales who may believe the meme coin is currently undervalued.
Dogecoin whale activity increases by 400%
Last day, Whale transactions Dogecoin participation increased by an incredible 400%. This increase reported by Santiment suggests that the number of significant transactions exceeding $100,000 and involving millions of DOGE tokens has skyrocketed compared to normal levels.
Notably, the sudden surge in Dogecoin whale activity has been led by major players accumulating DOGE at what they see as a discounted price. IntoTheBlock also shared something similar reportillustrating a massive increase in DOGE’s large transaction volume. According to the analytics platform Dogecoin’s large transaction volume rose to over $60.9 billion in the last 24 hours. This significant increase indicates growing interest and activity among high net worth institutional investors.
Crypto analyst Ali Martinez recently revealed in an X (formerly Twitter) post that whales have purchased about 140 million DOGE tokens in the last day. The analyst shared a Santiment chart showing the increase in whale activity from holders with balances between 1,000,000 and 100,000,000. The trend in the chart indicates an increase Dogecoin whale holdingsespecially in January, which correlates with an increase in the price of the meme coin.
With Dogecoin currently trading at $0.39, many whales may see this as a price Discount opportunity to collect tokens before a big eruption. Typically, an increase in whale activity often precedes a rise in the price of a cryptocurrency, as is known among these large investors Influence market trends due to their significant holdings and influence.
Over the past few weeks, Dogecoin whales have been on a tear massive buying spreeBuy large amounts of DOGE tokens at a lower price. In the last four days, whales have bought over 1.08 billion DOGE tokens, signaling increased confidence in the meme coin’s future potential. In addition, DOGE is currently demonstrating new strength and Signs of recoveryMany analysts believe that a price rally could be imminent.
DOGE To retest $0.41 to claim new ATH
Notable Dogecoin price predictions include a crypto analyst called “The Cryptomist” on X predicted that the meme coin could reach a new all-time high above the $0.75 mark. The crypto analyst highlights that Dogecoin is steadily approaching a critical resistance level at $0.41, which if broken, could trigger significant upward momentum.
The market expert has predicted that Dogecoin could witness a retest of the trend around the $0.41 resistance line Request a new ATH. Based on the analyst’s price chart, a support zone has been established at $0.3 to stabilize DOGE’s price during a possible decline.
Featured image created with Dall.E, chart from Tradingview.com