Dogecoin: Why Whales Boosted Transactions by 60 Billion DOGE?

user avatar

by Giorgi Kostiuk

2 years ago

In the last 24 hours, Dogecoin whales have significantly increased their transactions, moving over 60 billion DOGE. This has caught the attention of the cryptocurrency market participants, often seen as a precursor to potential price growth.

Dogecoin Whales on the Move

Over the past day, Dogecoin whales moved 60.9 billion coins worth $23.35 billion, representing a 41% increase compared to the previous period. A total of 9,410 large transactions were recorded. Such activity is often indicative of a preparation for an anticipated price increase.

Strategic Moves of the Whales

Although the price of DOGE has dipped slightly by 6.01% in the last 24 hours, experts believe the current consolidation phase might persist for several weeks before seeing a significant price increase. Such behavior is likened to the 2017 cycle when whales actively bought the asset before an expected rise.

Will Whales Repeat History?

These dynamics may signal a shift from bullish traditions when DOGE saw an 83.9% increase last January. Whales might be planning accumulation ahead of a spring surge, as observed in previous years.

Time will tell whether the current strategy of the whales will pay off, whether they will repeat successful past patterns, or discover something unknown to smaller DOGE holders.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

NYSE Partners with Avalanche for Tokenized Securities Platform

The New York Stock Exchange has partnered with Avalanche to create a tokenized securities platform, aiming for 24/7 trading and settlement, pending regulatory approval.

user avatarLucas Weissmann

Block Reaches Agreement in Principle with DOJ Over AML Allegations

Block, the payments company known for Cash App and Square, has reached an agreement in principle with the US Department of Justice regarding allegations of failing to maintain an effective anti-money laundering program.

user avatarFilippo Romano

Arkham Intelligence Highlights Institutional Holdings in Ethereum and Solana

Arkham Intelligence's update reveals significant institutional holdings in Ethereum and Solana, indicating a shift in investment strategies beyond Bitcoin.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.