Dogecoin (DOGE) whales purchase 160 million: Is a bullish trend about to arrive?
In the past month, the activity of Dogecoin whales has significantly increased, as evidenced by the continuous rise in the number of transactions exceeding $100,000 and $1 million.
Relevant data indicates a direct connection between such large transactions and 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 demonstrates the crucial role that whale movements play in influencing the short-term price movements of Dogecoin (DOGE).
As activity surges, whales seem to amplify market momentum, whether driving prices up or exerting downward pressure. However, by the end of November, as trading frequency gradually decreases, Dogecoin's price stabilizes around $0.41.
Such performance suggests that whales are strategically positioning themselves, perhaps in preparation for another breakthrough action.
Dogecoin's history shows that whale activity is closely related to significant price volatility. The peak in 2021 was marked by a surge in trading volume exceeding $1 million, corresponding with Dogecoin's rise to $0.74.
The accumulation of 160 million DOGE this time shares similarities with patterns seen before major rebound trends, yet the subsequent lack of buying momentum may indicate a short-term holding intention.
If this is indeed an attempt to inflate and sell, then the strategy would rely on retail investors following the trend, thereby pushing DOGE towards key resistance levels like $0.45.
