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

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

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.