Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million

Dogecoin: Whale Activity Signals a Shift in Price Trajectory

Dogecoin now faces a crucial juncture that may shape its price path. Despite a recent price decline, significant whale activity suggests a potential reversal.

Whale Accumulation

Large DOGE holders have capitalized on the price drop, adding millions to their holdings. According to Santiment, addresses with 10-100 million DOGE have acquired over $129 million worth in the past week.

Over 900 Million Tokens Purchased

Notably, these whales have bought over 900 million tokens in seven days, demonstrating their belief in DOGE despite the downturn. As a result, their collective holdings have increased by 5% to 18 billion tokens.

Whale Strategy Shift

Historically, whale accumulation has coincided with price increases. However, the recent accumulation alongside a price decline suggests a different strategy.

Increased Activity

IntoTheBlock data shows a surge in DOGE activity, with 9.29 billion tokens traded and 1,500 transactions in the past 24 hours. This active trading indicates traders are engaging with DOGE.

Whale Influence on Price

Whale transactions significantly impact Dogecoin's price. Their buying activities create bullish momentum, driving prices higher.

Current Market Situation

Despite an 11.29% loss in the past week, DOGE's decline is moderating, with only a 0.6% decline in the past 24 hours. Some analysts believe this trend is forming a significant support level.