Dogecoin Large Transactions Rise—Can They Save DOGE?


In September, dogecoin rose more than 12%, but it hasn't been as strong in October. DOGE has been under negative pressure for days, mirroring the crypto market's slow week.


However, the recent on-chain disclosure suggests Dogecoin's price may not stay low. Large meme coin investors are becoming more engaged in the market, which may affect pricing.


Are Dogecoin Whales Preparing For A Bull Run?
Famous crypto commentator Ali Martinez shared an intriguing on-chain look into whale and other major investment activities in recent days on X. The IntoTheBlock number of big transactions measure counts token transfers exceeding $100,000.


This data point involves whales and institutional investors due to the size of these transactions. Whales are persons or organizations that possess large quantities of a cryptocurrency and impact market dynamics.


Martinez reports a rise in huge Dogecoin transactions. Large transaction volumes sometimes imply institutional investors and whales collecting or dispersing assets before a market increase. Note that the IntoTheBlock big transactions indicator doesn't reveal transfer direction.


Dogecoin whales (with at least $10 million) acquired nearly 1 billion DOGE (worth over $108 million) in one day, according to current statistics. This indicates that significant holders are accumulating, but it leaves other investors confused.


However, institutional investors and whales may boost Dogecoin's narrative, boosting confidence in its long-term prospects. This might enhance market volatility and lead to big price gains.


DOGE Price Overview


Dogecoin is now at $0.1088, down 0.6% in 24 hours. DOGE is down almost 16% in the previous week, according to CoinMarketcap.


While the meme coin's rebound slows, investors should watch for optimistic on-chain developments. October has typically been good for Dogecoin.

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