Dogecoin is experiencing a sudden surge in whale activity. The meme-coin saw 523 whales taking an entry position during the last week of January with an investment of more than $100,000. The whale transactions reached the highest level since Nov. 27, 2022.
DOGE had a phenomenal start in 2023 as it jumped nearly 35% from $0.07 to $0.09 in 30 trading days. The cryptocurrency is attracting bullish sentiments as both retail and whale purchases have seen a significant increase.
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Whales Heavily Purchase Dogecoin
According to recent data from on-chain analytics firm Santiment, 523 transactions were recorded in Dogecoin above $100,000. The majority of the purchases were initiated during the last few days of the month.
A few days ago, a Dogecoin whale moved 450,000,000 DOGE in one single transaction worth over $40 million. You can read more details about the whale transfer here.
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The whale purchases come at a time when the Dogecoin community is expecting a price pump this month. The Dogecoin developers teased a new announcement as the meme-coin’s price nears the $0.1 mark.
The team is currently working towards the launch of ‘libdogecoin 0.1.2’. The new launch will focus on making integrations rapid for DOGE developers. However, whether DOGE will spike in price after the launch is a game we will have to wait and watch.
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Nonetheless, the markets remain on the greener side of the spectrum and could give a boost to Dogecoin to go above $0.1 when the update is released. DOGE is being repeatedly rejected around $0.1 levels and is falling to climb above the mark since the start of January. The leading meme-coin needs to break through these levels to reach new monthly highs.
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At press time, Bitcoin was trading at $0.09 and is down 2.3% in the 24-hour day trade. DOGE is also down 87.4% from its all-time high of $0.73, which it reached in May 2021.
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