Dogecoin Whales Drive Surge in Transactions, Fueling Potential Rally

Dogecoin

Dogecoin (DOGE) is witnessing a strategic move by its whales that could fuel an upcoming rally. Recent data from the crypto analytics platform IntoTheBlock (ITB) indicates a remarkable surge of 26.19% in Dogecoin whale transactions over the past 24 hours.

The latest figures reveal a substantial increase in DOGE whale volume. It has reached $1.19 billion, a notable rise from the $939.27 million reported on December 23. 

Notably, an intriguing pattern has emerged recently, where the total number of whale transactions did not grow as significantly as the transaction volume. 

As of December 23, there were approximately 1,430 large transactions. This count swiftly decreased to 1,330 by December 25.

Despite the reduction in transaction count, the volume exhibited a parabolic rise. This rise suggests a unique trend where fewer whales are actively involved in DOGE accumulation. 

In essence, this uncommon yet promising trend indicates a potential shift in the behaviour of Dogecoin whales. These whales are traditionally known for their buying spree of at least $100,000 worth of DOGE. This consistent pattern has been observed over the past three months.

The overall impact of these whale activities could resonate significantly in the remaining days of the year. This could set the stage for notable developments in the Dogecoin market.

Impact on Dogecoin Price

Accumulation by whales typically contributes to price growth, creating a supply shock that influences the overall valuation of the underlying digital currency over the long term.

In the case of Dogecoin, the recent actions of whales are instilling confidence that DOGE might achieve its first positive December close since 2020. As of the latest update, the coin is trading at $0.09252, experiencing a marginal 0.44% decline in the past 24 hours.

Looking at the weekly performance, Dogecoin is maintaining its appeal with a 3% surge, and there is a strong likelihood of sustaining this growth, supported by optimistic whale transactions.

Read Also: Dogecoin Price at Risk as Whale Transfers $7M in DOGE 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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