Dogecoin (DOGE) Whales Purchase 160 Million: Is a Surge Coming Soon?
In the past month, the activity of Dogecoin whales has significantly increased, as evidenced by the rising number of transactions exceeding $100,000 and $1 million.
Relevant data indicates that such large transactions have a direct correlation with price fluctuations. Notably, the surge in whale transactions in mid-November coincides with Dogecoin's rise from $0.28 to a peak of $0.44.
This trend clearly highlights the critical role that whale movements play in influencing the short-term price trajectory of Dogecoin (DOGE).
As activity escalates, whales seem to amplify market momentum, whether driving it upward or applying downward pressure. However, by the end of November, as trading frequency gradually decreased, Dogecoin's price stabilized around $0.41.
Such performance suggests that whales are making strategic arrangements, potentially in anticipation of launching a breakthrough action later.
Dogecoin's history shows a close relationship between whale activity and significant price volatility. The peak in 2021 was marked by a surge in trading volume exceeding $1 million, correlating with Dogecoin's spike to $0.74.
The current accumulation of 160 million DOGE bears similarities to patterns observed before previous major rebound markets. However, a lack of subsequent buying momentum may indicate that the intent is only short-term holding.
If this is indeed an attempt to raise and sell, then the strategy would require retail investors to follow suit and drive DOGE toward key resistance levels like $0.45.
