Dogecoin whales are active again, with two distinct transactions worth 600,000,000 DOGE recorded in a few hours.
Dogecoin (DOGE) whales are active again amid sustained bullish trends in the broader crypto ecosystem. According to an update from Whale Alert, two large DOGE transactions were initiated within an hour among anonymous wallets. This transfer underscores how active whales are as DOGE eyes new price levels.
Dogecoin Whales and Price Impact
Per the whale alert update, one of the transactions featured 400,000,000 DOGE, valued at approximately $154,266,743. The second transaction featured 200,000,000 DOGE, worth $77,311,506 million, when the whale initiated the transfer.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 400,000,000 #DOGE (154,266,743 USD) transferred from unknown wallet to unknown wallethttps://t.co/3yLZQQ81rz
— Whale Alert (@whale_alert) January 17, 2025
While nothing suggests that this anonymous whale is one entity, a critical look into the transaction activity on Blockchair shows both transactions took place on different but close blocks. Over the past few weeks, related whale transactions have been spotted onchain as high networth buyers exercise their influence in the market.
This is paying off as the price of Dogecoin is co-riding the bullish momentum in the market. As of writing, CoinMarketCap data pegs the price of DOGE at $0.4115, up 7.15% in the past 24 hours. Per the market data, the coin has extended its gains over the past week and is now trading up by 23.38%.
Riding the Bullish Wave
The broader market is hyped and rallying behind Bitcoin (BTC), the obvious market catalyst. With the coin’s price reclaiming the $102,000 level, altcoins now showcase a bullish correlation to chart a new growth course.
Besides Bitcoin, XRP is also shaping market momentum, soaring its highest level in 7 years. Dogecoin is still down by 44% from its all-time high of $0.7376.Â
While its core fundamentals are in a cool-off mode, DOGE proponents are anchoring their next growth trend toward $1 on the broader market influence. If Bitcoin and other top altcoins maintain this bullish rally, DOGE may reclaim $0.5 in the coming days.
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