Over the past day, large Dogecoin (DOGE) investors, known as “whales,” have significantly boosted their transaction activity. This surge has sparked intrigue within the Dogecoin community, and according to data from IntoTheBlock, approximately 60 billion DOGE have been traded in this period, with whales actively participating in the market.
DOGE whales on move
Over the past day, whales have transferred approximately 60.9 billion Dogecoin, which is equivalent to around $23.35 billion. This massive transfer marks a significant increase of 41% compared to the previous period we’re looking at. The transactions encompass transfers between wallets, exchanges swaps, and direct sales of Dogecoin.
Among them, a total of 9,410 significant Doge transactions were tracked, showcasing the intense activity of large Doge investors, often referred to as whales. Typically, such high-volume transactions suggest that these whales might be gearing up for an expected price surge. In other words, it seems that these whales are predicting a potential price increase in the near future.
Currently, Dogecoin (DOGE) experienced a minor decrease in value over the past 24 hours. Based on recent data, DOGE has dropped by approximately 6.01%, now trading at around $0.3275 due to market instability. The coin’s price moved between a high of $0.3517 and a low of $0.3265 before reaching its current position.
Observers believe that the present price of DOGE might stabilize for a while, as it’s currently in a period of consolidation. This consolidation could last several weeks before DOGE undergoes a significant price increase.
They opine that the coin mirrors its 2017 cycle, and DOGE whales might be buying the dip.
Are whales being strategic?
The change in this price trend suggests a departure from the bullish history of DOGE that was seen in January, where it had an average growth of approximately 83.9%. Despite showing a significant surge of over 700% in January 2021, only six out of the past eleven years have witnessed such impressive gains.
It’s worth noting that during the 2017 cycle, DOGE experienced a decrease of about 7.95%. This could potentially indicate that large DOGE investors, or ‘whales’, might be buying more in anticipation, since historically, DOGE has shown significant growth around March/April.
It’s uncertain whether Dogecoin will replicate its past successes, or if the ‘whales’ have information that smaller investors might not be aware of.
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2025-01-09 18:48