Dogecoin (DOGE) has seen a massive spike in whale activitywith large-scale investors purchasing huge amounts of tokens over the past 24 hours. This increase in purchasing activity comes as 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 Skyrockets 400%
Last day, whale trading involving Dogecoin increased by a staggering 400%. This increase, reported by Santiment, indicates that the number of large transactions, exceeding $100,000 and affecting millions of DOGE tokens, has skyrocketed from normal levels.
Notably, the sudden increase in Dogecoin whale activity has been caused by large players hoarding DOGE at what they believe to be a discounted price. IntoTheBlock also shared a similar message reporthighlighting a massive increase in DOGE’s large trading volume. Depending on the analytics platform, Dogecoin’s large trading volume reached over $60.9 billion in the last 24 hours. This considerable increase suggests growing interest and activity among wealthy institutional investors.
Crypto analyst Ali Martinez recently revealed in an X (formerly Twitter) job that whales purchased around 140 million DOGE tokens in the last day. The analyst shared a Santiment chart showing the increase in whale activity by holders with balances between 1,000,000 and 100,000,000. The trend in the chart indicates an increase Dogecoin whale holdingsespecially before January, correlating with a rise in the price of the meme coin.
With Dogecoin currently trading at $0.39, many whales may view this price as a possibility of reduction to accumulate tokens before a major escape. Typically, an increase in whale activity often precedes an increase in the price of a cryptocurrency, as these large-scale investors are known to do so. influence market trends due to their significant holdings and influence.
Over the past few weeks, Dogecoin whales have been on a massive buying frenzyby purchasing large quantities of DOGE tokens at a lower price. Over the past four days, the whales have bought over 1.08 billion DOGE tokens, signaling increased confidence in the future potential of the meme coin. Additionally, as DOGE is currently demonstrating renewed strength and signs of healingmany analysts predict that a price hike could be imminent.
DOGE To retest $0.41 to claim a new ATH
Among the notable Dogecoin price predictions, a crypto analyst identified as “The Cryptomist” on foreseen 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 bullish momentum.
The market expert predicted that Dogecoin could undergo a retest of trend around the $0.41 resistance line for claim a new ATH. Based on the analyst’s price chart, a support zone at $0.3 has been established to help stabilize DOGE price during a potential pullback.
Featured image created with Dall.E, chart from Tradingview.com