DOGE Whales Splash After Buying 1.4 Billion DOGE for $140 Million
With 1.4 million DOGE purchased for over $140 million, Dogecoin (DOGE) whales are back in the crypto market. The crypto world has noticed this large purchase, suggesting a positive reversal for the meme currency.
Doge Whales Grab 1.4 Million DOGE
Crypto expert Ali Martinez said on X (previously Twitter) that Dogecoin whale behavior is rising. Martinez said a group of Dogecoin whales bought about 1.4 billion DOGE coins worth $140 million.
In his thorough chart of Dogecoin's whale transaction count, he indicated that 1.4 billion DOGE was purchased in 72 hours. This surge in whale activity shows investors' increased interest in Dogecoin.
Starting the year, DOGE had tremendous whale activity, accumulating hundreds of millions of tokens. After strong price rises in favorable market circumstances, the meme coin displayed hints of a bull rally.
According to CoinMarketCap, DOGE has gained over 22% in the previous month, suggesting a significant rebound for this meme currency. Recent price changes after a period of depreciation may have prompted Dogecoin whales to quickly accumulate.
Given that most whale transactions may affect the market, large-scale investors' continued DOGE accumulation might dramatically impact the cryptocurrency's value. Dogecoin's 24-hour trading volume has risen 122.36%, indicating a favorable change in investor attitude for the joke currency.
DOGE Price Fundamentals Stay Strong
Dogecoin's pricing fundamentals remain robust despite whale activity, since the meme currency has grown rapidly. The price of Dogecoin has risen 10.63% in 24 hours, according to CoinMarketCap.
The cryptocurrency has gained significantly in the previous week, but the cause of this abrupt price spike is unknown. DOGE rose 14.05% in the last week to $0.121.
Martinez also said Dogecoin's pricing is "strong," noting its Relative Strength Index (RSI) and price breakout from multi-month downtrends.
