Dogecoin (DOGE) experienced huge raise in whale activitywith immense investors buying huge amounts of tokens in the last 24 hours. This raise in purchasing activity comes as a result Dogecoin price is preparing for a potential rally by offering a discount to whales who may believe the meme coin is currently undervalued.
Dogecoin whale activity surges 400%
Last day whaling transactions involving Dogecoin increased by an astonishing 400%. This raise, reported by Santiment, indicates that the number of significant transactions exceeding $100,000 and affecting millions of DOGE tokens has increased dramatically from normal levels.
It is worth noting that the sudden raise in whale activity on Dogecoin was caused by immense players accumulating DOGE at what they believe is a discounted price. IntoTheBlock also shared a similar post reportwhich highlights the huge raise in the volume of immense DOGE transactions. According to the analytical platform, Gigantic Dogecoin transaction volume rose to over $60.9 billion in the last 24 hours. This significant raise indicates the growing interest and activity of wealthy institutional investors.
Cryptocurrency analyst Ali Martinez recently revealed on X (formerly Twitter) post that on the last day, whales purchased approximately 140 million DOGE tokens. The analyst shared a Santiment chart showing an raise in whale activity among holders with a balance of 1,000,000 to 100,000,000. The trend in the chart shows an raise Dogecoin whale farmsespecially in January, which is associated with an raise in the price of the meme coin.
With Dogecoin currently trading at $0.39, many whales may see this price as possibility of discount on collecting tokens before a major breakout. Typically, an raise in whale activity often precedes an raise in the price of the cryptocurrency because these immense investors are known to influence market trends due to their significant shares and influence.
Over the past few weeks, Dogecoin whales have been on a roll mass shopping frenzyby purchasing immense amounts of DOGE tokens at a lower price. Over the last four days, the whales have done just that bought over 1.08 billion DOGE tokens, signaling increased confidence in the future potential of the meme coin. Moreover, as DOGE is currently showing renewed strength and signs of recoverymany analysts predict that price increases may be inevitable.
DOSE To retest $0.41 to claim fresh ATH
Among the notable Dogecoin price predictions, a cryptocurrency analyst identified on X as “The Cryptomist” forecast that the meme coin could reach a fresh all-time high above $0.75. Cryptocurrency analyst highlights that Dogecoin is steadily approaching the critical resistance level at $0.41, which if broken could trigger a significant growth impulse.
Market expert predicted that Dogecoin may undergo a trend retest around the resistance line at $0.41 apply for a fresh ATH. Based on the analyst’s price chart, a support zone was established at $0.3 to assist stabilize the DOGE price during a potential pullback.
Featured image created with Dall.E, chart from Tradingview.com
