Dogecoin whales are continuing their bullish backing of DOGE, with transaction volume skyrocketing in 24 hours. Large DOGE transactions hit $812 million in 24 hours, as a bullish wedge pattern is emerging. This figure is 83.53% higher than the day before and 113.6% higher than the day before that. The whales are hoping to spark a rally around the asset, which has failed to do so for months.
The exact amount of DOGE transacted by whales totaled 8.1 billion coins. This is an increase of 74.56% over the last 24 hours. the average whale transaction on DOGE was 9,020,044 coins, or $905,178.17. This means that, on average, a whale transaction was nine times more than the minimum $100,000 required to be classified as such. These transactions are typically good catalysts for a potential coin bull run. If the Dogecoin price pumps a bit from the transactions, both it and other meme coins could rise.
Dogecoin hasn’t managed to breach $0.20 since the end of March, following a huge market bull run. August proved especially difficult for the asset, as the entire crypto market suffered. September is expected to bring an overall rebound, due to a potential interest rate cut by the Federal Reserve. This realization brought mixed reactions for crypto investors, but overall, holders expect DOGE, Bitcoin, and others to rally.
Outside of Whales, What Else Can Pump Dogecoin Price?
DOGE can swing at any time, from endorsements from Elon Musk to positive updates from the Dogecoin Foundation. Furthermore, many holders are optimistic that if Donald Trump is elected president in the 2024 US election and brings Musk into his cabinet, DOGE will explode. However, outside of Musk news, it is been quiet for the dog-themed cryptocurrency. Over the past calendar year, the coin has gone up by 45% in price. Transparently, most of that growth comes at the end of 2023 into early 2024. Since March, DOGE has been in a rough standstill, despite consistent trading volume. The rise in TV hasn’t resulted in any pumping around the asset, instead allowing rival coins like “The Dogecoin Killer” Shiba Inu to flourish.
Reaching $1 has been a long-standing task for DOGE. About three years ago, the asset hit an all-time high of $0.7376. This was the closest that DOGE has gotten to its dollar milestone. At present, the meme coin remains 87% below this peak
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