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

REX Shares Launches TREX 2X Long Strive Daily Target ETF

REX Shares has launched the TREX 2X Long Strive Daily Target ETF, aiming to deliver 200% of the daily performance of Strive Asset Management shares influenced by its Bitcoin treasury.

user avatarKaterina Papadopoulou

Bitwise Submits Updated Prospectus for XRP ETF Trust

Bitwise has filed an updated prospectus for its XRP exchange-traded fund trust on September 21, reflecting ongoing regulatory efforts.

user avatarMaya Lundqvist

New York Life Investment Management Partners with Centrifuge for On-Chain Bond Strategy

New York Life Investment Management has partnered with Centrifuge to tokenize a US high-yield corporate bond strategy on the Avalanche blockchain, allowing institutional buyers to use USDC for subscriptions and redemptions.

user avatarLeo van der Veen

ShredPay Partners with Jack Henry to Enhance Digital Asset Integration

ShredPay partners with Jack Henry to enable banks and credit unions to access stablecoin and digital asset services.

user avatarLi Weicheng

Strive Increases Bitcoin Holdings to 26,355 BTC

Strive has disclosed a purchase of 1,355 BTC, raising its total Bitcoin holdings to 26,355 BTC.

user avatarAisha Farooq

Broadcom Set to Gain from Alphabet's Custom TPU Sales

Broadcom is set to benefit from Alphabet's decision to sell custom TPUs to external data centers, enhancing its AI semiconductor revenue through a long-term agreement until 2031.

user avatarBayarjavkhlan Ganbaatar

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.