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Dogecoin (DOGE) whales are looking to end the year with bags full, judging by their latest accumulation trends. According to a update According to market analyst Ali Martinez, market whales have accumulated 300 million DOGE in the last 24 hours. This accumulation was recorded when the price of the asset fell to an all-time high of $0.3065.
Dogecoin Whales and Price Correlation
Given the diversity of market data, the activities of Dogecoin whales are well tracked. These large buyers of DOGE directly influence the price of the asset in the market, especially when overall market sentiment is positive.
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Over the past week, Dogecoin has been trading with intense volatility. As short-term holders (STH) continue to sell, disrupting the market balance, whales, especially long-term holders, have managed to keep the price above the $0.3048 mark.
In compliments to the last DOGE Whale Ali Martinez acquisition update, Dogecoin whale transactions, as measured by IntoTheBlock, jumped over 41% overnight. With this figure, the trading volume amounts to $23.35 billion.
This massive volume dwarfs major assets like Ethereum (ETH) and Cardano (ADA), a protocol known for large whale transactions.
With the whale count turning positive, the DOGE price has entered a rare recovery phase. At the time of writing, it is up 5.05% in 24 hours at $0.3266.
Will the increase be sustainable?
Dogecoin price remains tense as it has yet to regain its best price of the year, now set at $0.4835. However, it is far from the low of $0.0749 recorded last year.
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While the Dogecoin Foundation has ambitions development plans to come to life in 2025, the best growth trend for DOGE will depend on its strong correlation with Bitcoin and social sentiment.
Elon Musk having recently taken a interest in memes like PEPEa return to Dogecoin could help correct its growth trajectory in the future.