The price of Dogecoin is up at the moment as whale transactions jumped by more than 1,700% in the past 24 hours
There have been a lot of activities going on with Dogecoin (DOGE), the dog-inspired cryptocurrency, in the past 24 hours. This has got the community buzzing about the increased interest in the coin. Current data shows whales have snapped up massive DOGE within this short time.
Dogecoin Whale Activity Signals Growing Interest
IntoTheBlock metrics for large holders reveal that net flow spiked 1,757% from 7.4 million DOGE to 123.03 million DOGE within 24 hours. The whale activity has triggered speculations as to the intention of major investors in the memecoin.
Based on precedence, massive purchases like these occur during market declines. Usually, investors proceed on accumulation sprees at lower prices and hold in anticipation of a rally. This move signals that investors anticipate Dogecoin will record significant growth in the future.
Meanwhile, as BGECrypto previously reported, Dogecoin’s flashes of the golden cross mirror that of 2021. Analysis of DOGE’s Simple Moving Average (SMA) shows a northward movement of the memecoin. When such occurred three years ago, the price of DOGE soared by more than 8,000% on the Binance exchange.
Dogecoin has been known for intense whale activity, especially when a price differential is at play. In a previous large holder’s activity, whales snapped up 10.7 billion DOGE within 24 hours. Notably, their action occurred when DOGE exchanged hands at $0.13.
Is Liquidity Injection on the Horizon?
Some analysts have projected that the broader crypto ecosystem will witness a surge in activity soon.Â
Their prediction is based on the recent interest rate cut by the U.S. Federal Reserve following inflationary control. Crypto watchers anticipate an injection of more liquidity in the space as investors seek to target assets with the potential for a rally.
At the time of writing, data shows DOGE trading up by 3.78% at $0.1044. The market cap has also climbed 3.77% to $15.24 billion, while market volume jumped 31.74% to $670.09 million in the last 24 hours.
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 decision.
