Bitrabo Editorial
Recently, Dogecoin (DOGE) whales have made a significant comeback, highlighted by a remarkable purchase of 1.4 million DOGE valued at over $140 million. This notable transaction has captured the attention of the cryptocurrency community, sparking speculation about a potential bullish trend for this meme coin.
Whale Activity: A Significant DOGE Acquisition
Crypto analyst Ali Martinez shared insights on X (formerly Twitter), revealing a rise in Dogecoin whale transactions. He reported that a collective of Dogecoin whales are actively engaging with the token, having acquired over 1.4 billion DOGE, estimated to be around $140 million.
Martinez also posted a chart showing the surge in whale transactions over the last 72 hours. This uptick in activity indicates a renewed interest and growing demand for Dogecoin.
Earlier this year, DOGE saw considerable whale activity, with large quantities of tokens being accumulated. During that time, the meme coin showed indications of a bullish rally following significant price increases amid favorable market conditions.
Currently, DOGE’s bullish momentum includes a notable 22% increase in the past month, as reported by CoinMarketCap, leading to speculation that the meme coin is preparing for a robust rally. The shift in price trends, following a prolonged decline, may have prompted Dogecoin whales to start accumulating aggressively.
Whale transactions can greatly influence market dynamics. Thus, a sustained increase in DOGE purchases by these large investors could significantly sway the cryptocurrency’s value. Notably, Dogecoin’s trading volume surged by 122.36% over the past 24 hours, indicating a positive shift in investor sentiment towards this meme coin.
Strong Fundamentals for DOGE Price
In light of the spike in whale activity, Dogecoin’s price fundamentals remain robust, as the meme coin has shown impressive recent growth. According to CoinMarketCap, Dogecoin’s price increased by an impressive 10.63% in the last 24 hours.
While the reasons behind this unexpected price surge are not entirely clear, the cryptocurrency has experienced substantial gains over the week. Dogecoin’s value surged by 14.05% in the last seven days, reaching $0.121 as of this writing.
Martinez also noted that Dogecoin’s price appears “strong,” citing breakout signals in both the Relative Strength Index (RSI) and overall pricing trends. He emphasized that the meme coin is currently receiving a buy signal from the super trend indicator, indicating that investors view the cryptocurrency favorably.