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

Grayscale Appoints BitGo as Custodian for Hyperliquid Staking ETF

Grayscale has appointed BitGo Bank Trust as an additional custodian for its Hyperliquid Staking ETF to enhance custody services and operational flexibility.

user avatarAndrew Smith

Avalanche Sees Surge in Tokenized US Treasury Assets

The value of tokenized US Treasury assets on the Avalanche network has surged to approximately $545 million, marking a fourfold increase over the past year.

user avatarJacob Williams

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

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.