Dogecoin Whales (DOGE) are making a comeback, stealing the spotlight in the cryptocurrency market with a recent purchase of 1.4 million DOGE worth over $140 million. This massive purchase has caught the attention of the broader crypto community, creating possibilities for a bullish turn for the popular meme coin.
Dogecoin whales get 1.4 million DOGE
New information from crypto analyst Ali Martinez via X (formerly Twitter) have confirmed that Dogecoin whale activity is increasing. Martínez revealed that a group of Dogecoin whales are showing renewed interest in the popular dog-themed meme coin, purchasing over 1.4 billion DOGE tokens valued at approximately $140 million.
He shared a detailed chart highlighting the Dogecoin whale transaction count, which showed that the new purchase of 1.4 billion DOGE was made in the last 72 hours. This sudden increase in whale activity underscores renewed investor interest and Dogecoin demand.
At the beginning of the year, DOGE experienced Strong whale activity, which led to the regular accumulation of hundreds of millions of tokens. At that time, the meme coin showed signs of a bullish rally after witnessing impressive price increases during favorable market conditions.
With DOGE showing similar bullish momentum after jumping more than 22% last month, according to CoinMarketCap, this popular meme coin could be preparing for a strong rally. The recent change in price trends after a long period of falls may be the catalyst that prompts Dogecoin whales to suddenly embark on a strong wave of accumulation.
Since most whale transactions have the potential to influence the market, a continued increase in DOGE accumulation by these large-scale investors could significantly affect the value of the cryptocurrency. Currently, 24 hours of Dogecoin 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
Amid increased whale activity, Dogecoin Price Fundamentals Remain Strongas the meme coin has seen impressive growth recently. CoinMarketCap data reveals that the Dogecoin price has recorded a staggering 10.63% increase in the last 24 hours.
While the trigger behind this sudden price increase Although it remains uncertain, the cryptocurrency has also seen significant gains in the past week. DOGE saw its value rise by 14.05% in the last seven days, ultimately driving the cryptocurrency's price to $0.121, at the time of writing.
Martinez too confirmed that Dogecoin price appears “strong,” citing that the meme coin had achieved a Relative Strength Index (RSI) and price breakout of multi-month bearish trends. He also highlighted that Dogecoin is currently showing a supertrend indicator buy signal, suggesting that investors may be viewing the meme-based cryptocurrency positively.
Featured image created with Dall.E, chart from Tradingview.com
