Dogecoin (DOGE) Whales Have Massively Increased Their Transactions Within the Last 24 Hours

Dogecoin (DOGE) whales have undertaken massive transactions, moving 60.9 billion DOGE (nearly $23.35 billion) in the last 24 hours, as per IntoTheBlock data. This marks a 41% surge in large transactions, encompassing inter-wallet transfers, exchange movements and direct sales of DOGE.

notably, 9,410 large transactions were recorded, indicating preparation for anticipated upward price movement.

DOGE whales move 60 billion coins

Collectively, these high-volume transactions by DOGE whales suggest anticipation of a price rally. However, over the last 24 hours, DOGE has seen a slight price decrease.

According to CoinMarketCap, DOGE has slipped by 6.01% to trade at $0.3275 amid market volatility. The coin’s price has fluctuated between a high of $0.3517 and a low of $0.3265 before settling at the current level.

This price dynamic signals a shift from the bullish tradition of DOGE recorded in January, when it averaged 83.9% growth. Although the asset showed an outstanding increase of over 700% in January 2021, six of the past 11 years have not been so remarkable.

Interestingly, DOGE recorded a 7.95% slump in the 2017 cycle. Thus, if DOGE whales are analyzing this data, it could signal their accumulation ahead of March/April, when the asset has a history of rebounding massively.

It remains unclear if Dogecoin will repeat history, or if the whales know something smallholders lack.