🔥🔥🔥 #Dogecoin‬⁩ ($DOGE) Price Soars 10% as #Whales 🐳🐳🐳 Dive Back In: #memecoin🚀🚀🚀 Mania Returns?

The meme-inspired cryptocurrency Dogecoin ($DOGE) has recently surged by over 10% in the past week, driven by increased activity from large investors, known as whales. Data from #Blockchain analytics firm IntoTheBlock reveals that whale transactions, defined as those exceeding $100,000 worth of DOGE, nearly doubled in a 24-hour period following speculation about the potential approval of spot Ether exchange-traded funds.

The volume of DOGE moved by these whales rose significantly, from 9.74 billion to 17.97 billion during the same period. Adding to the intrigue, a long-dormant Dogecoin whale holding 893,303 DOGE (around $145,101) made a move after a decade of inactivity. The whale's first transaction since May 2014 involved transferring 23,338 DOGE (worth roughly $4,000) to Binance, the world's leading cryptocurrency exchange.

While the whale still holds 869,964 DOGE (valued at over $140,000), this activity has sparked concerns about potential price fluctuations. Historically, the re-emergence of early cryptocurrency investors has often led to significant price swings. The transfer to #Binance could signal a potential sell-off, adding to the speculation about DOGE’s future trajectory.

As reported by Cryptoglobe, DOGE has formed a chart pattern that suggests the cryptocurrency may surge by over 23,000%, similar to a rise it experienced last year. This pattern, a descending triangle on Dogecoin’s weekly chart, was spotted by popular cryptocurrency analyst Ali Martinez. The last time Dogecoin encountered this pattern, it saw an extraordinary rally of 23,200%. This revelation has fueled speculation about whether Dogecoin could replicate such a meteoric rise.

Source - cryptoglobe.com