Dogecoin (DOGE) whales are making a noteworthy move that could potentially fuel the coin’s upcoming rally.
Data from crypto analytics platform IntoTheBlock (ITB) reveals a substantial increase in Dogecoin whale transactions, soaring by as much as 26.19% in the last 24 hours. If this trend continues, it could have a positive impact on DOGE’s momentum.
DOGE Whale Dynamics: Volume Surges Amid Transaction Count Dip
As of the latest data, Dogecoin (DOGE) whale transactions have reached an impressive $1.19 billion, marking a notable increase from the $939.27 million recorded on Dec. 23. An intriguing trend has emerged in recent days, revealing that the total number of whale transactions hasn’t grown as significantly as the volume. According to IntoTheBlock (ITB) data, there were approximately 1,430 large transactions as of Dec. 23, which promptly dropped to 1,330 by Dec. 25.
Dogecoin Whale Transaction Volume via IntoTheBlock
Despite the decrease in transaction count, the volume has experienced a parabolic rise, indicating that fewer whales are engaging in DOGE accumulation. This unusual but promising trend suggests a unique dynamic among Dogecoin whales. These whales, known for their unpredictable buying patterns, have consistently purchased DOGE worth at least $100,000 over the past three months. The broader impact of these whale activities could resonate in the remaining days of the year.
Whale Accumulation and DOGE’s Price Prospects
The accumulation of Dogecoin by whales typically contributes to price growth by creating a supply shock, impacting the overall valuation of the digital currency in the long run.
Despite Dogecoin’s substantial circulating supply, whale activities are instilling optimism that DOGE could achieve its first positive December close since 2020. As of the latest update, the coin is trading at $0.09252, reflecting a slight 0.44% decrease in the past 24 hours.
Looking at the weekly performance, Dogecoin maintains its appeal with a 3% surge, showing strong potential for sustained growth, supported by bullish whale transactions. This indicates positive momentum for DOGE in the short term.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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