Dogecoin (DOGE) whales are returning and taking the spotlight on the crypto market with a recent DOGE purchase of 1.4 million worth over $140 million. This massive purchase has caught the attention of the broader crypto community, opening up opportunities a bullish reversal for the popular meme coin.
Dogecoin whales rake in 1.4 million DOGE
New reports from crypto analyst Ali Martinez via X (formerly Twitter) have confirmed that Dogecoin whale activity is increasing. Martinez revealed that a group Dogecoin whales show renewed interest in the popular dog-themed meme coin, purchasing more than 1.4 billion DOGE tokens worth approximately $140 million.
He shared a detailed chart highlighting the number of whale transactions of Dogecoin, showing that the new DOGE purchase worth 1.4 billion was made in the last 72 hours. This sudden increase in whale activity underlines the renewed interest from investors ask for Dogecoin.
At the beginning of the year, DOGE experienced strong whale activity, leading to the regular accumulation of hundreds of millions of tokens. At the time, the meme coin was visible signs of a bull rally after witnessing impressive price increases during favorable market conditions.
With DOGE showing similar bullish momentum after jumping over 22% in the past month, according to CoinMarketCap, this popular meme coin could well be ready for a strong rally. The recent change in price trends follows a longer period of declines could be the catalyst that pushes Dogecoin whales to suddenly embark on a strong accumulation wave.
Considering that most whale transactions have the potential to impact the market, there is a continuation increase in DOGE accumulation by these large-scale investors could significantly impact the value of the cryptocurrency. Currently Dogecoin is 24 hours a day trading volume has increased by a whopping 122.36%, underscoring a positive shift in investor sentiment towards the dog-themed meme coin.
DOGE’s price fundamentals remain strong
Amid the increase in whale activity, Dogecoin’s price fundamentals remain strongas the meme coin has seen impressive growth lately. Data from CoinMarketCap shows that the price of Dogecoin has registered a staggering 10.63% increase in the last 24 hours.
While the trigger behind this is sudden price increase remains uncertain, but the cryptocurrency has also posted significant gains over the past week. DOGE saw its value increase by 14.05% over the past seven days, eventually pushing the cryptocurrency’s price to $0.121, at the time of writing.
Martinez did that too confirmed that Dogecoin’s price looks “strong”, citing the fact that the meme coin had reached a value Relative Strength Index (RSI) and price breakout after multi-month downward trends. He also highlighted that Dogecoin is currently showing a buy signal from the super trend indicator, suggesting that investors may be viewing the meme-based cryptocurrency in a positive light.
Featured image created with Dall.E, chart from Tradingview.com