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Cryptocurrency News Articles
Dogecoin Whales Bought 270 Million DOGE Tokens in 4 Days: What It Means
Dec 25, 2024 at 11:18 am
On Tuesday, Ali, a prominent voice in the crypto community, revealed that whale investors purchased a staggering 270 million Dogecoin DOGE/USD
Prominent crypto voice Ali revealed on Tuesday that whale investors purchased a staggering 270 million Dogecoin (CRYPTO: DOGE) in less than four days.
What Happened: On Christmas Eve, Ali took to Twitter to announce the significant investment in Dogecoin.
“Whales bought 270 million #Dogecoin $DOGE in the last 96 hours!” Ali announced.
Whales bought 270 million #Dogecoin $DOGE in the last 96 hours!
At the price prevailing at the time of writing, the whale transactions amount to $91.8 million.
This revelation comes amidst a broader rally in altcoins, with Dogecoin gaining over 5% in the last 24 hours. The meme coin's performance has been linked to similar trends observed in 2017 and 2021 by Ali, suggesting a potential “parabolic rally” in the future.
So far this year, DOGE has shot up a whopping 274%, outperforming larger market cap coins such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which gained 132% and 53% in a similar period, respectively.
See Also: Bitcoin Flat, Ethereum, Dogecoin Spike Ahead Of Christmas: Analyst Says Decline In BTC Dominance Leaves ‘Room For Altcoins To Pick Up’
Why It Matters: The cryptocurrency has been buoyant ever since Donald Trump won the 2024 presidential election and announced the appointment of DOGE-bull Elon Musk as co-head of the Department of Government Efficiency — a proposed presidential advisory commission that shares its acronym with the meme coin.
The substantial purchase by whale investors indicates a renewed interest in Dogecoin, despite warnings from traders about the meme coin's potential to underperform other trending cryptocurrencies.
However, Ali's post and the subsequent whale activity could be a positive sign for Dogecoin. If history repeats itself, as the analyst suggests, Dogecoin could be in for a significant rally in 2025.
Price Action: At the time of writing, Dogecoin was trading at $0.34, up 4.6% in the last 24 hours, according to Benzinga Pro.
Now Read: Analyst Bullish on Shiba Inu, Sees 235% Surge Despite Recent Fall
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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