Dogecoin whales or large holders within 24 hours have snapped up 10.7 billion DOGE in significant market activity. This intense activity triggered as soon as the price of DOGE reached $0.13 during trading hours, driving the price to $0.14 momentarily.
Dogecoin Whale Transactions and Market Speculations
Notably, the spike in whale activity coincided with Dogecoin breaching the technical threshold of 100 EMA. Besides the uptick in the price of DOGE, market volume has soared 100.50% to a significant $1.78 billion as per data from CoinMarketCap.
An analysis of the transactions reveal that these whales carried out over 1,000 large transactions in what some analysts believe is a redistribution of their holdings. Others speculate that these whales are preparing for better price gain and more market movement.
Data available on DOGE indicates that if the current price remains above the 100 EMA levels, this bullish trend will be sustained in the coming days. Market observers are watching keenly to see how traders’ will respond and if investors will maintain their accumulation interest.
The activity of whales could further increase trading volume of the memecoin as more investors engage in buying and selling of DOGE. This factor could cause higher prices and translate to Dogecoin’s liquidity and stability in the long run.
Elon Musk’s Influence and Market Predictions
Meanwhile, some in the broader cryptocurrency ecosystem are speculating that Elon Musk, Tesla billionaire may soon unveil his intentions for Dogecoin. This speculation was fueled by Musk’s new profile picture on X, which depicts the investor in laser eyes.
Although there is high anticipation in the Dogecoin community that DOGE may continue on its bullish pattern and break through the next price resistance level of $0.15. Nevertheless, if the whales’ activities declines, this is likely to spark a downward pressure on the memecoin.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
