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Dogecoin (DOGE), the largest meme coin, has set a record for network activity, with 60.9 billion tokens shifted by large investors in 24 hours. Such intense movement usually indicates increased interest from large investors, often called whales, in anticipation of bullish momentum.
Spike in Dogecoin whales
According to IntoTheBlock data, Dogecoin has seen a 41.2% surge in large transaction volume in the last 24 hours. Large transactions refer to those greater than $100,000, according to IntoTheBlock's definition.
It often reflects whale actions, which might signify strong buying or selling pressure. Notably, the large transaction volume for DOGE came to $23.35 million, or 60.9 billion SHIB, in the last 24 hours.
While the recent spike in such transactions demonstrates interest from large holders, the broader impact on Dogecoin’s price remains muted. The market appears dominated by selling pressure as it is currently experiencing a pullback.
Several digital assets are declining following the market's recent surge. Bitcoin (BTC) has fallen 5.3% in the last 24 hours to $92,199. Ethereum (ETH), the leading altcoin, also experienced a 24-hour decline of 4.7% to trade at $3,326.
Also, Shiba Inu (SHIB), another top meme coin, saw a single-digit loss of 6.5%.
Dogecoin's market outlook
Dogecoin did not escape the downtrend despite the increase in whale movements. At press time, the DOGE price was trading at $0.3756, down 9.7% in the last 24 hours. This divergence suggests that some whales are likely taking profits after the recent surge in DOGE prices, leading to increased selling pressure.
Moreover, the daily trading volume surged 23.7% to $10.79%, indicating investors’ willingness to accumulate the token. Market analysts have also raised optimistic forecasts for Dogecoin. Real Vision's founder and CEO, Raoul Pal, believes Dogecoin might outperform Bitcoin.
Crypto analyst Ali Martinez predicted a breakout target of $0.82 for Dogecoin.