The meme-inspired cryptocurrency Dogecoin ($DOGE) has seen its price surge by over 10% in the past week. This increase is due to growing interest and activity from large cryptocurrency investors, commonly known as whales.
According to data from blockchain analytics firm IntoTheBlock, transactions involving large amounts of Dogecoin ($DOGE) – specifically those exceeding $100,000 worth of the cryptocurrency – nearly doubled in just 24 hours. This increase followed speculation about the possible approval of spot Ether exchange-traded funds.
DOGE Whale Activity and Long-Dormant Transactions
The data also shows an increase in the volume of Dogecoin ($DOGE) moved by these large investors, rising from 9.74 billion to 17.97 billion over the same period.
Adding to the intrigue, a long-dormant Dogecoin whale holding 893,303 DOGE (approximately $145,101) made its first transaction in a decade around the same time. This whale transferred 23,338 DOGE, worth about $4,000, to Binance, one of the largest cryptocurrency exchanges.
While the whale still holds the majority of its holdings (869,964 DOGE, valued at over $140,000), this movement has raised concerns about potential price fluctuations.
Early Investor Activity and Chart Pattern Fuel DOGE Speculation
Historically, the return of early cryptocurrency investors has often coincided with significant price swings. The recent transfer to Binance could signal potential selling activity, adding to speculation about DOGE’s future direction.
Additionally, Dogecoin ($DOGE) has formed a chart pattern suggesting a potential surge of over 23,000%. This pattern resembles one observed last year, coinciding with a remarkable rally in its price.
Cryptocurrency analyst Ali Martinez identified this pattern on Dogecoin’s weekly chart, noting the formation of a descending triangle. The last time Dogecoin exhibited this pattern, it surged by an astonishing 23,200%. This discovery has sparked speculation about whether Dogecoin could experience a similar meteoric rise again.
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