Dogecoin (DOGE) whales are coming back, taking a dominant position in the crypto market with DOGE’s recent purchase of 1.4 million worth over $140 million. This large transaction has attracted the attention of the wider crypto community, creating opportunities for bullish reversal on the popular meme coin.
Dogecoin Whales Scoop Up 1.4 Million DOGE
New reports from crypto analyst Ali Martinez via X (formerly of Twitter) confirmed that the activity of Dogecoin whale is increasing. Martinez revealed that the team Dogecoin whales are showing renewed interest for the doggy-themed meme coin, it buys over 1.4 billion DOGE tokens worth about $140 million.
He shared a detailed chart highlighting the Dogecoin whale count, showing that 1.4 billion DOGE new purchases were made in the last 72 hours. This sudden increase in whaling activity underscores the renewed interest of investors as well the need for Dogecoin.
At the beginning of the year, DOGE knowledgeable powerful whale activity, which led to the general collection of hundreds of millions of tokens. At that time, the meme coin showed up signs of a bull rally after seeing dramatic price gains amid favorable market conditions.
Now that DOGE is showing similar momentum after jumping over 22% in the past month, according to CoinMarketCap, this popular meme coin may be. we are preparing for a strong meeting. A recent change in price trends follows long period of decline it may be the catalyst to drive the Dogecoin whales to suddenly begin to accumulate strongly.
Given that many whale transactions have the potential to influence the market, ongoing increased collection of DOGE with these large investors can greatly affect the value of cryptocurrency. Currently, Dogecoin for 24 hours trading volume has increased by a whopping 122.36%, underscoring a positive shift in investor sentiment towards the dog-themed meme coin.
DOGE Price Fundamentals Remain Strong
During the boom in whaling, Dogecoin price fundamentals remain strongas the meme currency has been growing admirably lately. Data from CoinMarketCap reveals that Dogecoin trading fee recorded an impressive increase of 10.63% in the last 24 hours.
When the trigger after this suddenly price increase remains uncertain, cryptocurrency has also had significant gains in the past week. DOGE has seen its value jump by 14.05% in the past seven days, pushing the cryptocurrency’s price up to $0.121, as of writing.
Martinez did it too confirmed that the price of Dogecoin looks “strong,” explaining that the meme coin had reached a Relative Strength Index (RSI) and price breakouts from multi-month lows. He also emphasized that Dogecoin is currently showing a buy signal from a super trend indicator, suggesting that investors may be looking at the meme-based cryptocurrency in a positive light.
The featured image was created with Dall.E, a chart from Tradingview.com