A Rise in Dogecoin Price is Expected as Whales Accumulate 6.4 Billion DOGE
Dogecoin is on track to recover its value following significant declines among major altcoins.
Latest trading volume statistics show a resurgence, up 58% in the last 24 hours to $600,461,241.
Significant trader activity and large whale accumulations are among the main factors supporting this recovery attempt.
Over the weekend, major investors were observed accumulating a significant amount of Dogecoin. According to crypto analysis platform IntoTheBlock, major investors purchased approximately 6.4 billion DOGE overnight. This increase follows a week in which major investor transactions ranged from 5.37 billion DOGE to 11.74 billion DOGE.
Large investor transactions often involve significant movements in excess of $100,000. An increase in large investor accumulation generally indicates confidence in price rallies. Despite the current bearish trends, Dogecoin's price is down 1.59% over the last 24 hours to $0.134 and is down 7.12% on the week. However, sustained large investor activity can create a supply shortage and push the price up.