Dormant Dogecoin whale stirs after a decade amid increased whale activity

Dogecoin (DOGE) Experiences Surge in Whale Activity

Dogecoin (DOGE), renowned for its memetic origins, has recently witnessed a significant increase in activity from prominent investors, commonly referred to as "whales."

According to IntoTheBlock data, the value of substantial transactions has nearly doubled within the past 24 hours, reflecting elevated investor engagement.

Data reveals that the value of large Dogecoin transactions exceeding $100,000 has escalated from $1.53 billion to approximately $3.01 billion over the last 24 hours. Concurrently, the amount of DOGE moved by these whales has risen from 9.74 billion to 17.97 billion DOGE.

Dormant Dogecoin Whale Reactivated

In a surprising development, a dormant Dogecoin whale, holding 893,303 DOGE (approximately $145,101), became active on May 22 after more than a decade of inactivity.

The whale conducted its first transaction since May 2014, transferring 23,338 DOGE, worth approximately $4,000, to Binance, the world's largest cryptocurrency exchange. Despite this transfer, the whale still possesses 869,964 DOGE, valued at around $140,334.

Historical Context and Market Impact

This recent reactivation is not an isolated occurrence. Earlier in May, another Dogecoin whale transferred $60 million worth of DOGE to Robinhood. Additionally, on May 21, Whale Alert reported a major transaction involving 600 million DOGE, valued at approximately $100 million, transferred between two unknown wallet addresses.

The uptick in whale activity suggests growing interest and engagement among large investors, which could potentially influence DOGE's market dynamics in the near future.

Dogecoin Price Analysis

Dogecoin (DOGE) is currently trading at $0.16, marking a 24-hour decrease of 3.24%. Despite this dip, Coinglass data indicates heightened investor interest, with DOGE's open interest (OI) rising by 27.05% to $1.05 billion on May 22 and trading volume surging to $3.73 billion.

Analysts have identified a symmetrical triangle pattern in Dogecoin's chart, presenting a key resistance at $0.1545. Support remains strong around $0.1513, bolstered by the 50-day exponential moving average (EMA).

The current price above the 50 EMA signals a bullish bias, while the Relative Strength Index (RSI) above 50 supports a buying trend.

Despite Dogecoin's recent price dip, increased investor activity and positive technical indicators suggest a potential upward trend. Investors should monitor for a breakout above the $0.1595 resistance level to confirm continued bullish momentum.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.