Dogecoin Whales Shuffle $23 Billion DOGE in One Day as Price Rebounds

Dogecoin (DOGE) whales have actively conducted massive DOGE transactions in the past 24 hours. Their activity has resonated in the market, triggering a price rebound for the meme coin. This development has stirred the interest of investors in the ecosystem as they strategize to benefit from the price resurgence.

Whale transactions signal optimism for DOGE

Notably, data from IntoTheBlock reveals that transactions worth more than $100,000 recorded within the DOGE ecosystem are valued at over $23 billion. This includes inter-wallet transfers, outright sales and movement between exchanges.

This suggests that DOGE whales might think a possible future price movement is ahead. The intensity also suggests that the whales are now positioning themselves ahead of a coming rally.

Meanwhile, prominent analyst Ali Martinez on X noted that of these amounts, the whales have collectively purchased over 1.08 billion DOGE tokens. 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 and historical context

Although some other factors might have triggered the transactions in the last 24 hours, market watchers maintain it has helped the DOGE price rebound.

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

Historically, January has been the best month for DOGE, as earlier reported by U.Today. 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.