Dogecoin ($DOGE) is surging again as a dramatic increase in whale activity suggests that major players are piling into the popular meme coin. In the last 24 hours, whale transactions involving over $100,000 have surged by 400%, indicating large investors are snapping up dogecoin in vast quantities. This development has sparked curiosity, leading many to wonder: Is DOGE about to break out, and what’s driving whales to jump in now?
Whale Transactions Skyrocket, Indicating Strong Belief in DOGE
According to data from Santiment, whale transactions have surged by a massive 400% in a single day. During this short period, whales have purchased an impressive 140 million DOGE tokens. This sharp increase in large transactions suggests that a shift in market sentiment is occurring, with high-net-worth individuals expressing their belief that Dogecoin is currently undervalued.
Moreover, analytics from IntoTheBlock reveal that large transaction volumes have spiked, highlighting the growing interest from institutional investors and major players in the market. These whales are placing their bets on DOGE’s future performance, and their actions are often seen as a precursor to broader market moves, leading many to speculate that a price rally could be on the horizon.
Investors are now keeping a close watch on Dogecoin’s price movements, with some predicting that DOGE could retest the $0.41 mark. If the meme coin manages to break through this resistance level, it could spark a rally that pushes its price towards new all-time highs (ATH), potentially reaching as high as $0.75. The support zone at $0.30 is also providing a cushion for the current price, helping stabilize DOGE ahead of a possible upward trend.
In the last four days alone, whales have added a staggering 1.08 billion DOGE tokens to their holdings, showcasing their confidence in the coin’s growth potential. This accumulation trend aligns with previous patterns where increased whale activity has signaled bullish momentum in the market.
