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 bullish potential of the meme coin. Data from IntoTheBlock reveals that Dogecoin’s large transaction volume has increased by 40.1% in this period, totaling $23 billion or 60.9 billion DOGE. This increase 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 an increase in this metric typically indicates strong buying or selling pressure. DOGE is currently trading at $0.4476, marking a 4.3% increase in the last 24 hours. This price increase has contributed to weekly and monthly gains of 5.66% and 137.8%, respectively. Current market performance suggests that Dogecoin may soon experience a price recovery, attracting short-term traders who may bet on the cryptocurrency due to the increased volume. This could further boost market activity and prevent a sharp sell-off.
Technically, Dogecoin price recently broke key resistance levels, indicating a potential bullish reversal. Rising volumes, a traditional sign of sustained momentum, support continued price increases. Historically, Dogecoin's December performance has been promising, with a notable 337.5% gain in December 2017 and a 32.4% rally in 2020. Over the past year, DOGE's price has increased by 7.01%. This historical trend positions Dogecoin as a cryptocurrency to watch during the holiday season as it shows signs of an uptrend.
