May 25, 2024
Dogecoin Whales Signal Promising Trend
Altcoins News

Dogecoin Whales Signal Promising Trend

Dogecoin (DOGE) whales are engaging in a notable strategy that, if sustained, could contribute to an upswing in the coin’s imminent rally. Data from the crypto analytics platform IntoTheBlock (ITB) reveals a remarkable surge of 26.19% in Dogecoin whale transactions over the past 24 hours.

According to the data, the total volume of DOGE whale transactions now stands at $1.19 billion, a significant increase from the $939.27 million recorded on December 23. An interesting development has emerged in recent days, as the total number of whale transactions did not grow as substantially as the volume. As of December 23, approximately 1,430 large transactions were documented, but by December 25, this number had decreased to 1,330.

Despite the reduction in transaction count, the volume experienced a parabolic rise, indicating that fewer whales are actively accumulating DOGE. This unusual yet promising trend suggests a shift in Dogecoin whale behavior. Dogecoin whales, known for their unpredictable buying sprees of at least $100,000 worth of DOGE, have maintained a relatively consistent pattern over the past three months. The cumulative impact of these actions may reverberate in the remaining days of the year.

In terms of the impact on Dogecoin’s price, whale accumulation typically contributes to price growth by creating a supply shock, influencing the overall valuation of the digital currency in the long term. Despite Dogecoin’s substantial circulating supply, the recent whale activity hints at the possibility of DOGE achieving its first positive December close since 2020. As of the current writing, Dogecoin is trading at $0.09252, reflecting a 0.44% decrease in the past 24 hours.

On a weekly basis, Dogecoin is maintaining its appeal with a 3% surge, and there is a strong likelihood that this growth will persist, supported by bullish whale transactions.

Image by wirestock on Freepik

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