Dogecoin’s(DOGE) Potential Unleashed: Surge in Whale Transactions Precedes Major Market Move

Estimated read time 2 min read
  • The article discusses Dogecoin’s recent resilience amidst market volatility, noting a 96% surge in whale transaction volume as a significant indicator of potential growth.
  • Despite market dips and uncertainties, the surge in institutional interest and whale activity suggests a promising trajectory for Dogecoin’s market performance, potentially leading to substantial price increases in the near future.

With the market dip taking a different toll on different digital currencies, Dogecoin appears to be plotting a strategic way to sustain its current bullish recovery. The digital currency is changing hands for $0.1356, up by 7.19% in the past 24 hours, per data from CoinMarketCap. Current whale volume data from IntoTheBlock (ITB) shows renewed interest that can spark DOGE’s parabolic run in the midterm.

With the latest bouts of liquidations, the crypto market has suffered and the Dogecoin price has plunged as low as $0.12, with a 21.23% slump in the trailing seven-day period. With some of the most viable metrics pointing to a bearish setting, the 92.81% uptick in whale transaction volume per ITB data marks a good omen for the coin.

Whale transactions feature those with a dollar valuation of $100,000 or more. The data shows that approximately $5.29 billion worth of these has been traded in 24 hours. The expanded data revealed that the number of large transactions comes in at 4,330 at a DOGE price of $0.1657, up from 2,590 as of March 3, with the price relatively lower at $0.14.

This obvious embrace as prices soar marks a vote of confidence within the network, a trend that appears visible in the price of the industry’s largest meme coin.

Setting a major target for the Dogecoin price has proven to be quite difficult considering the absence of key fundamentals that can complement the current uptick. Nonetheless, the correlation with Bitcoin, the enthusiastic community and the influence of Elon Musk might help sway Dogecoin in the near future.

What’s Next for Dogecoin?

Having soared as high as $0.2054, Dogecoin may retest this price point in the short term, while making a play for the $1 level in the longer term.

Dogecoin’s resilience amidst market turbulence and its ability to garner significant whale interest suggest that something big may indeed be on the horizon. As the cryptocurrency market continues to evolve, Dogecoin remains an intriguing asset to watch, with potential for further growth and mainstream adoption.

vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.

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