Dogecoin: Why Whales Boosted Transactions by 60 Billion DOGE?

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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.

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