The largest meme coin Dogecoin (DOGE) has set a new high for online activity, with large investors transferring 60.9 billion tokens within 24 hours. Such intense volatility typically indicates an increased interest in bullish momentum among large investors (often referred to as whales). Surge in Dogecoin whales According to IntoTheBlock, the large transaction volume of Dogecoin surged by 41.2% in the past 24 hours. A large transaction, as defined by IntoTheBlock, refers to transactions exceeding $100,000. It typically reflects the behavior of whales, which may indicate strong buying or selling pressure. Notably, DOGE's trading volume in the past 24 hours reached $23.35 million, equivalent to 60.9 billion SHIB.
While the recent surge in such transactions indicates interest from large holders, the overall impact on Dogecoin's price remains minimal. The market seems to be dominated by selling pressure as it is currently experiencing a pullback. After a recent market surge, multiple digital assets have seen declines. Bitcoin (BTC) has dropped 5.3% to $92,199 in the past 24 hours. The leading altcoin Ethereum (ETH) also experienced a 24-hour drop of 4.7% to a trading price of $3,326.
Additionally, another popular meme coin Shiba Inu (SHIB) has also dropped by 6.5%.
Market outlook for Dogecoin
Despite the increase in whale activity, Dogecoin has not escaped the downward trend. As of the time of writing, Dogecoin's price is $0.3756, down 9.7% in the past 24 hours. This divergence suggests that some whales may have taken profits following the recent surge in Dogecoin's price, resulting in increased selling pressure.
Additionally, the daily trading volume surged by 23.7% to $10.79, indicating investors' willingness to increase their holdings of the token. Market analysts have also provided optimistic forecasts for Dogecoin. Raoul Pal, founder and CEO of Real Vision, believes that Dogecoin could outperform Bitcoin. Cryptocurrency analyst Ali Martinez predicts a breakout target of $0.82 for Dogecoin.
