Dogecoin (DOGE) has experienced a massive spike in whale activity, with large-scale investors purchasing huge amounts of tokens in the past 24 hours. This surge in buying activity comes as the Dogecoin price gears up for a potential rally, offering a discount for whales who may believe the meme coin is currently undervalued.
Dogecoin Whale Activity Skyrockets 400%
In the past day, whale transactions involving Dogecoin increased by a staggering 400%. This surge, reported by Santiment, indicates that the number of significant transactions, exceeding $100,000 and affecting millions of DOGE tokens, has skyrocketed compared to normal levels.
Notably, the sudden spike in Dogecoin’s whale activity was led by large players who are accumulating DOGE at what they believe is a discount price. IntoTheBlock has also shared a similar report, highlighting a massive increase in DOGE’s large transaction volume. According to the analytics platform, Dogecoin’s large transaction volume rose to over $60.9 billion in the past 24 hours. This considerable increase suggests a growing interest and activity amongst high-net-worth institutional investors.
Crypto analyst Ali Martinez recently revealed in an X (formerly Twitter) post that whales purchased approximately 140 million DOGE tokens on the last day. The analyst shared a Santiment chart showing the increase in whale activity by holders with balances between 1,000,000 and 100,000,000. The trend in the chart indicates a surge in Dogecoin whale holdings, particularly leading into January, correlating with a rise in the meme coin’s price.
With Dogecoin currently trading at $0.39, many whales may view this price as a discount opportunity to accumulate tokens ahead of a major breakout. Typically, an increase in whale activity often precedes a cryptocurrency’s price increase, as these large-scale investors are known to influence market trends due to their significant holdings and influence.
Over the past few weeks, Dogecoin whales have been on a massive buying spree, purchasing large amounts of DOGE tokens at a lower price. In the last four days, whales have bought over 1.08 billion DOGE tokens, signaling increased confidence in the meme coin’s future potential. Moreover, as DOGE is presently demonstrating renewed strength and signs of recovery, many analysts anticipate a price rally could be imminent.
DOGE To Retest $0.41 To Claim New ATH
Among the notable Dogecoin price predictions, a crypto analyst identified as “The Cryptomist” on X has forecasted that the meme coin could hit a new all-time high above the $0.75 mark. The crypto analyst highlights that Dogecoin is steadily approaching a critical resistance level at $0.41, which, if broken, could trigger significant upward momentum.
The market expert has predicted that Dogecoin may undergo a trend retest around the $0.41 resistance line to claim a new ATH. Based on the analyst’s price chart, a support zone at $0.3 has been established to help stabilize DOGE’s price during a potential pullback.
Featured image created with Dall.E, chart from Tradingview.com
