According to U.Today, Dogecoin (DOGE), the leading meme cryptocurrency, has witnessed a significant surge in network activity, with large investors moving 60.9 billion tokens within a 24-hour period. This heightened activity often signals increased interest from major investors, commonly referred to as whales, who may be anticipating a bullish trend. Data from IntoTheBlock reveals a 41.2% increase in large transaction volumes for Dogecoin over the past day. These transactions, defined as those exceeding $100,000, typically indicate whale activity, which can suggest strong buying or selling pressures. The total large transaction volume for DOGE reached $23.35 million, equivalent to 60.9 billion tokens, in the last 24 hours.
Despite the surge in whale transactions, the overall impact on Dogecoin's price has been limited. The market is currently experiencing a pullback, with selling pressure dominating. This trend is part of a broader decline affecting several digital assets following a recent market surge. Bitcoin (BTC) has dropped 5.3% in the last 24 hours, trading at $92,199, while Ethereum (ETH) has seen a 4.7% decrease, trading at $3,326. Shiba Inu (SHIB), another prominent meme coin, also recorded a 6.5% loss. Dogecoin itself has not been immune to this downtrend, with its price falling by 9.7% to $0.3756 at the time of reporting. This suggests that some whales might be taking profits after the recent price increase, contributing to the selling pressure.
In addition, Dogecoin's daily trading volume has increased by 23.7% to $10.79 billion, indicating a continued interest from investors looking to accumulate the token. Market analysts have expressed optimism about Dogecoin's future performance. Raoul Pal, founder and CEO of Real Vision, has suggested that Dogecoin could potentially outperform Bitcoin. Meanwhile, crypto analyst Ali Martinez has predicted a breakout target of $0.82 for Dogecoin. Despite the current market challenges, these forecasts reflect a positive outlook for Dogecoin's potential growth.