60.9 Billion Dogecoin (DOGE) in 24 Hours, What's Happening?

Dogecoin Whale Activity Spikes, Signaling Bullish Interest

[Image via U.Today]

Dogecoin (DOGE), the prominent meme coin, has set a new milestone for network activity, with an unprecedented 60.9 billion tokens transferred by large investors within a 24-hour period. Such significant movement typically indicates increased interest from major holders, known as "whales," who anticipate an upcoming upward price trend.

Surge in Dogecoin Whale Transactions

Data from IntoTheBlock reveals a 41.2% increase in Dogecoin's large transaction volume over the past 24 hours. According to IntoTheBlock's parameters, large transactions encompass those exceeding $100,000.

This volume is often attributed to whale activity, indicating either significant buying or selling pressure. Notably, the 24-hour large transaction volume for DOGE reached $23.35 million, equivalent to 60.9 billion tokens.

Mixed Market Impact

While the recent surge in whale transactions reflects interest from major holders, its overall impact on Dogecoin's price remains subdued. The market is currently experiencing a pullback due to dominant selling pressure.

Other digital assets are also experiencing declines following recent market gains. Bitcoin (BTC) has dropped 5.3% to $92,199 over the last 24 hours. Ethereum (ETH), the leading altcoin, has also witnessed a 24-hour decrease of 4.7%, trading at $3,326.

Shiba Inu (SHIB), another popular meme coin, has lost 6.5% in the same time frame.

Dogecoin's Market Outlook

Despite the increase in whale activity, Dogecoin has not been immune to the broader market downturn. At the time of writing, the price of DOGE is $0.3756, marking a 9.7% decrease over the past 24 hours. This divergence suggests that certain whales may be taking profits after the recent price surge, resulting in increased selling pressure.

However, there is a surge in daily trading volume of 23.7%, reaching $10.79%, indicating investors' interest in accumulating the token. Market analysts remain optimistic about Dogecoin's potential, with Raoul Pal, founder and CEO of Real Vision, projecting that it could outperform Bitcoin. Crypto analyst Ali Martinez has predicted a breakout target of $0.82 for DOGE.