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Dogecoin (DOGE), the largest meme coin, set a record for network activity, with 60.9 billion tokens transferred by large investors in 24 hours. Such an intense move usually indicates increased interest from large investors, often called whales, in anticipation of bullish momentum.
Spike in Dogecoin whales
According to In the block According to the data, Dogecoin saw a 41.2% increase in large transaction volume over the past 24 hours. Large transactions refer to those over $100,000, as defined by IntoTheBlock.
This often reflects the actions of whales, which can mean strong buying or selling pressure. Notably, the large trading volume for DOGE amounted to $23.35 million, or 60.9 billion SHIB, in the last 24 hours.
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Although the recent increase in these transactions demonstrates interest from large holders, the broader impact on Dogecoin’s price remains muted. The market appears to be dominated by selling pressure as it is currently experiencing a decline.
Several digital assets are in decline following the recent market rally. Bitcoin (BTC) fell 5.3% over the past 24 hours to $92,199. Ethereum (ETH), the leading altcoin, also saw a 4.7% decline over 24 hours to trade at $3,326.
Additionally, Shiba Inu (SHIB), another top coin, recorded a single-digit loss of 6.5%.
Dogecoin Market Outlook
Dogecoin has not escaped the downtrend despite increasing whale movements. At press time, DOGE price was trading at $0.3756, down 9.7% over the past 24 hours. This divergence suggests that some whales are likely taking profits after the recent DOGE price surge, leading to increased selling pressure.
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Additionally, the daily trading volume jumped 23.7% to 10.79%, indicating the willingness of investors to accumulate the token. Market analysts have also issued optimistic predictions for Dogecoin. The founder and CEO of Real Vision, Raoul Pal, believes Dogecoin could surpass Bitcoin.
Ali Martinez, crypto analyst predicted a breakout target of $0.82 for Dogecoin.