According to U.Today, Dogecoin (DOGE) is experiencing significant market activity, with large holders moving 60.9 billion DOGE in the past 24 hours. This surge in transactions highlights the meme coin's bullish potential. Data from IntoTheBlock reveals that Dogecoin's large transaction volume has increased by 40.1% within this period, amounting to $23 billion or 60.9 billion DOGE. This rise in whale activity suggests growing investor confidence in the asset, which could lead to price stability and further gains.
IntoTheBlock defines large transactions as those exceeding $100,000, and a surge in this metric typically indicates strong buying or selling pressure. Currently, DOGE is trading at $0.4476, marking a 4.3% increase in the last 24 hours. This price rise has contributed to weekly and monthly gains of 5.66% and 137.8%, respectively. The current market performance suggests that Dogecoin may soon experience a price rebound, attracting short-term traders who might bet on the cryptocurrency due to the increased volume. This could further boost market activity and prevent a sharp sell-off.
Technically, Dogecoin's price has recently broken through key resistance levels, indicating a potential bullish reversal. Rising volumes, a traditional sign of sustained momentum, support the ongoing price surge. Historically, Dogecoin's December performance has been promising, with a notable 337.5% gain in December 2017 and a 32.4% rally in 2020. Last year, DOGE's price increased by 7.01%. This historical trend positions Dogecoin as a cryptocurrency to watch during the holiday season, as it shows signs of a bullish trend.
