Dogecoin (DOGE) Whales Actively Conduct Massive DOGE Transactions, Triggering a Price Rebound

Dogecoin (DOGE) whales have actively conducted massive DOGE transactions in the past 24 hours. Their activity has resonated in the market

Dogecoin (CRYPTO: DOGE) whales are making their presence felt.

What Happened: According to data from IntoTheBlock, large transactions, defined as those over $100,000 in value, within the Dogecoin ecosystem over the last 24 hours are valued at over $23 billion.

This includes inter-wallet transfers, outright sales and movement between exchanges.

Prominent analyst Ali Martinez on X noted that of these large transactions, over 1.08 billion DOGE tokens are being acquired by whales.

Whales bought over 1.08 billion #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/Ow2j6I1MDV

This activity level emphasizes the heightened confidence and interest in DOGE from key investors in the Dogecoin community.

Martinez highlighted the purchase to draw the attention of the broader community to the optimism held by the whales.

DOGE whales play a crucial role in sustaining liquidity, which can ultimately translate to a price surge.

Price Performance: While other factors may have triggered the large transactions in the last 24 hours, market watchers suggest it has helped the DOGE price rebound.

As of writing, DOGE is trading at $0.34, down 0.76% on the day. However, the current trading price is significantly higher than the earlier $0.3351, which indicates market recovery as the token reattempts the previous price momentum.

Historically, January has been the best month for DOGE, as earlier reported by Benzinga. Notably, DOGE, in the last 10 years, averages an 83.9% return in January, and the meme coin may repeat its history this year.

However, the median January return is a loss of 3.86%, indicating the possibility of a price slump.

See More: Best Meme Coins To Buy Now