Dogecoin Whales Are Making Moves: Is a Price Explosion Coming?

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As optimism grows about recovery in the broader cryptocurrency market, the actions of Dogecoin “big spenders” (whales) are once again attracting attention. On Friday, it was noticed that approximately 600 million Dogecoins were transferred between unidentified wallets, while over 200 million coins were purchased from exchanges by whales during the day. Given this significant increase in whale activity, many traders and investors are becoming increasingly hopeful about a potential price surge for Dogecoin (DOGE) in the near future.

Dogecoin Whale Activity Rises, Signals Bullish Road Ahead

According to recent reports from Whale Alert regarding Dogecoin on X date, two significant investors (whales) exchanged approximately 600 million tokens between them on January 17th. This transfer, made through several transactions, saw the addresses D78RZmm… and DQhgaR… move a combined value of around $231.5 million, igniting debate within the crypto market.

At the same time, data on whales (large cryptocurrency holders) highlighted by well-known crypto analyst, Ali Martinez, showed they bought over 200 million tokens in the last day. This increase in whale activity and buying suggests a positive outlook for Dogecoin’s future price trends, as it indicates growing market faith in the meme cryptocurrency’s potential. As a result, traders and investors are feeling very optimistic, with some predicting that the price could reach $3.

It’s important to note that during Trump’s presidency, the controversy surrounding Elon Musk and his Dogecoin (D.O.G.E.) had a noticeable impact on the coin’s market perception. With Trump taking office on January 20, we might see another bullish trend as part of a potential pro-crypto era. Also, there are reports suggesting that Elon Musk’s Dogecoin is expanding its team, fueling discussions within the market due to increased whale activity. In summary, these factors indicate a strong positive outlook for the top dog-themed meme cryptocurrency in the market.

Is DOGE Price Breakout Ahead?

At this moment, the price of DOGE has increased approximately 6% to $0.4003. Earlier today, it reached a low of $0.3685 and a high of $0.3957. The upward trend in DOGE’s price could be due to increasing Dogecoin whale activity, suggesting that the market is optimistic about this asset.

Meanwhile, crypto expert Ali Martinez has hinted that past patterns might indicate a new price surge starting in the coming week. At present, the value of the dog-themed meme coin is testing the $0.40 threshold. If it manages to stay above this level, it could potentially reach its projected 2024 peak of $0.4837, according to CoinGape’s Dogecoin price assessment. Market participants are keeping a close eye on the meme coin for any further price fluctuations while they watch broader market trends develop.

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2025-01-17 13:54