With 1.4 million DOGE purchased for over $140 million, Dogecoin (DOGE) whales have returned to the crypto market. The crypto world has noticed this massive purchase, signaling a positive reversal for the meme coin.

Doge Whale holds 1.4 million DOGE

Cryptocurrency expert Ali Martinez said on X (formerly Twitter) that Dogecoin whale behavior is on the rise. Martinez said a group of Dogecoin whales bought about 1.4 billion DOGE coins worth $140 million.

In a detailed chart of Dogecoin whale transactions, he pointed out that 1.4 billion DOGE were purchased in 72 hours. This spike in whale activity shows the growing interest of investors in Dogecoin.

DOGE started the year with massive whale activity, accumulating hundreds of millions of tokens. After a sharp price increase amid a favorable market environment, the meme coin has shown signs of a bull run.

DOGE has surged more than 22% in the past month, according to CoinMarketCap, indicating a significant recovery for the meme coin. Recent price changes after a period of depreciation may have prompted Dogecoin whales to accumulate rapidly.

Since whale transactions can mostly affect the market, the continued accumulation of DOGE by large-scale investors could have a significant impact on the value of the cryptocurrency. Dogecoin's 24-hour trading volume has increased by 122.36%, indicating a favorable change in investor sentiment towards the joke currency.

DOGE Price Fundamentals Remain Strong

Dogecoin's price fundamentals remain strong despite the whale activity, as the meme coin has seen rapid growth. According to CoinMarketCap, Dogecoin's price has increased by 10.63% in 24 hours.

The cryptocurrency has seen a significant increase in price over the past week, but the cause of this sudden price surge is still unknown. DOGE has increased by 14.05% over the past week to $0.121.

Martinez also said Dogecoin's price is "strong," noting the Relative Strength Index (RSI) and the price breakout from a months-long downtrend.