u.today
Dogecoin ($DOGE) whales have massively increased their transactions within the last 24 hours, stirring curiosity in the ecosystem. According to IntoTheBlock data, over 60 billion $DOGE have been transacted as whales actively engage in trading.
$DOGE whales on move
The whales have moved 60.9 billion $DOGE valued at $23.35 billion in the last 24 hours. This represents a 41% surge in the period under review. The transactions factor in inter-wallet transfers, movements between exchanges and outright sales of $DOGE.
Of these, 9,410 large transactions were recorded, highlighting the frenzy of $DOGE whales. Generally, such high-volume transactions indicate preparation for anticipated upward price movement. That is, it appears the whales are anticipating a price rally in the future.
As of this writing, $DOGE has dipped slightly in price in the last 24 hours. According to data, $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.
Market watchers consider the current price to come as $DOGE has entered a consolidation phase. This phase may persist for a few weeks before $DOGE experiences a sustainable price breakout.
They opine that the coin mirrors its 2017 cycle, and $DOGE whales might be buying the dip.
Are whales being strategic?
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.