Dogecoin Sees Unprecedented Whale Activity Amid Potential Price Rally
Dogecoin (DOGE) has experienced a significant surge in whale activity over the past 24 hours, with large-scale investors purchasing substantial amounts of tokens. This increase in buying activity comes as the Dogecoin price prepares for a potential rally, offering a discount for whales who believe the meme coin is currently undervalued.
Dogecoin Whale Activity Skyrockets 400%
According to Santiment, whale transactions involving Dogecoin have increased by a staggering 400% in the past day. This surge indicates a significant rise in the number of substantial transactions exceeding $100,000, affecting millions of DOGE tokens. The sudden spike in Dogecoin’s whale activity was led by large players accumulating DOGE at what they believe is a discount price.
Growing Interest Among Institutional Investors
IntoTheBlock has reported a massive increase in DOGE’s large transaction volume, which rose to over $60.9 billion in the past 24 hours. This considerable increase suggests growing interest and activity among high-net-worth institutional investors. Crypto analyst Ali Martinez revealed that whales purchased approximately 140 million DOGE tokens in the last day, with a Santiment chart showing a surge in Dogecoin whale holdings, particularly leading into January.
Potential Price Rally on the Horizon
With Dogecoin currently trading at $0.39, many whales may view this price as a discount opportunity to accumulate tokens ahead of a major breakout. Typically, an increase in whale activity often precedes a cryptocurrency’s price increase, as these large-scale investors are known to influence market trends due to their significant holdings and influence.
Whales on a Buying Spree
Over the past few weeks, Dogecoin whales have been on a massive buying spree, purchasing large amounts of DOGE tokens at a lower price. In the last four days, whales have bought over 1.08 billion DOGE tokens, signaling increased confidence in the meme coin’s future potential. As DOGE is presently demonstrating renewed strength and signs of recovery, many analysts anticipate a price rally could be imminent.
DOGE to Retest $0.41 to Claim New ATH
Crypto analyst “The Cryptomist” has forecasted that Dogecoin could hit a new all-time high above the $0.75 mark. The analyst highlights that Dogecoin is steadily approaching a critical resistance level at $0.41, which, if broken, could trigger significant upward momentum. A support zone at $0.3 has been established to help stabilize DOGE’s price during a potential pullback.
Conclusion
In conclusion, Dogecoin has seen an unprecedented surge in whale activity, with large-scale investors accumulating substantial amounts of tokens. This increase in buying activity, combined with growing interest among institutional investors, suggests a potential price rally on the horizon. As DOGE approaches a critical resistance level at $0.41, many analysts anticipate a breakout, with some predicting a new all-time high above $0.75.
Source: Coin24h.com
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