Dogecoin (DOGE) Skyrockets $812 Million in 24 Hours of Bullish Whale Activity

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the current surge of whale activity in Dogecoin (DOGE). The volume of large transactions reaching over $812 million within 24 hours is not just eye-catching, but it’s a clear indication that something significant is brewing in the DOGE ecosystem.

A significant surge in large transaction volume for Dogecoin (DOGE) persists, with data from IntoTheBlock indicating a whopping $812 million worth of transactions within the past 24 hours. This amount represents an impressive 83.53% increase compared to the previous day and a striking 113.6% rise compared to two days ago.

Upon further investigation, it was found that whales had exchanged a total of 8.1 billion Dogecoins, marking a significant surge of 74.56% compared to the previous 24-hour period.

Dogecoin (DOGE) Skyrockets $812 Million in 24 Hours of Bullish Whale Activity

Transactions valued at least $100,000 are considered large, and we found 898 such transactions in the specified timeframe. Given this, an average “whale” transaction on DOGE involved approximately 9,020,044 coins, which equates to around $905,178.17. This implies that a typical whale transaction was nearly ten times greater than the minimum required.

What’s attracting whales to DOGE right now?

To provide an answer for this question, it’s crucial to examine the price trend of the leading meme cryptocurrency over time. Aside from the 6.5% increase in DOGE‘s value since the start of the week, you can also observe the formation of a large falling wedge pattern on its chart.

According to U.Today’s earlier explanation, if this trend holds true, we might witness a surge of over 50% in DOGE‘s value, potentially reaching approximately $0.15 for each Dogecoin.

Dogecoin (DOGE) Skyrockets $812 Million in 24 Hours of Bullish Whale Activity

The optimistic trading behavior of large investors (whales) and a similarly bullish trend emerging on Dogecoin‘s price graph suggest a promising outlook for this well-known meme cryptocurrency; however, we can only determine its future by observing the passage of time.

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2024-09-10 19:27