Dogecoin (DOGE) whales continue to shape the meme coin ecosystem, with their massive movements helping to shape broader market trends. According to data insights from crypto analytics platform Whale Alert, approximately 550,000,000 DOGE was transferred in a 20-minute period. While there is no precise connection, the trend shows how committed whales are to the meme coin. Dogecoin Reset Underway In the early trading hours, the price of Dogecoin fell sharply, which many believe is a healthy correction. This was expected after a week of explosive gains (up more than 115%). Despite the terrifying drop, the broader ecosystem has remained resilient, and top analysts such as Peter Brandt remain optimistic about future trends based on historical data.
To recap the whole story, Whale Alert shared insights into 200 million DOGE, worth about $77.4 million, which were transferred in one go between two anonymous wallets. The analytics platform also highlighted two other large transactions of 150 million DOGE (about $58 million) and 200 million DOGE. Like other investors before them, these whale actions helped solidify Dogecoin’s price outlook. At the time of writing, the price of Dogecoin is back to its previous multi-year highs. The coin is changing hands at $0.4138, up 6.93% in the past 24 hours. In a single day, the meme coin pared its losses and turned the $0.40 level into a critical support level to watch. Where is DOGE headed? Currently, there is a lot of speculation about what’s next for Dogecoin. However, its correlation with Bitcoin could further help Dogecoin’s overall liberation.
With Bitcoin trading above its all-time high of $91,500, Dogecoin’s price could also cross the $0.50 mark in the near term. Continued positive indicators such as open interest, trading volume, and whale activity will all help propel the coin to a new all-time high of $0.7375.
