Dogecoin whales continue to be bullish on Dogecoin, with trading volumes surging in 24 hours. Dogecoin large transactions reached $812 million in 24 hours, and a bullish wedge pattern is forming. This figure is 83.53% higher than the previous day and 113.6% higher than the day before. Whales hope to trigger a rally around the asset, but it has failed to achieve this goal in months.
The exact amount of DOGE traded by whales totals 8.1 billion. This is up 74.56% in the last 24 hours. The average whale traded 9,020,044 DOGE, or $905,178.17. This means that, on average, whales trade nine times the minimum $100,000 required to be classified as a whale. These trades are often good catalysts for potential bull runs in a currency. If the price of Dogecoin rises due to trading, it and other meme coins are likely to rise.
Dogecoin has been unable to break above $0.20 since late March, following a huge market bull run. August has been particularly tough for the asset as the entire crypto market has suffered. September is expected to see a broad rally due to the potential for a rate cut by the Federal Reserve. This realization has brought mixed reactions from crypto investors, but overall, holders expect Dogecoin, Bitcoin, and other currencies to rebound.
Besides whales, what else could be driving up the price of Dogecoin?
DOGE can fluctuate at any time, from endorsements from Elon Musk to positive updates from the Dogecoin Foundation. Additionally, many holders are optimistic that DOGE will break out if Donald Trump is elected president in the 2024 US election and brings Musk into the cabinet. However, aside from the Musk news, the dog-themed cryptocurrency has been quiet. Over the past year, the coin’s price has risen by 45%. Apparently, most of the growth occurred in late 2023 to early 2024. Since March, DOGE has been stagnant despite steady trading volumes. The rise of TV has not led to any gains for the asset, instead allowing rival tokens such as the “Dogecoin killer” Shiba Inu to flourish.
Reaching $1 has been a long-term mission for DOGE. About three years ago, the asset hit an all-time high of $0.7376. This was the closest DOGE has ever come to its $1 milestone. Currently, the meme token is still 87% below this peak$DOGE
