Despite a market-wide correction today, Dogecoin (DOGE) has seen its whale volume increase 96%, leading many to ponder an impending price rally. The asset is currently trading at $0.137 and is up less than 1% over the last 24 hours, according to CoinMarketCap.
Yet, the whale volume of this asset has surpassed $5.2 billion, according to volume data from IntoTheBlock. Altogether, the original meme coin could be preparing to reverse its week-long trend. Specifically, the last seven days have equated to a 19% decline in DOGE’s value.
Also Read: Dogecoin Founder Billy Markus Issues Statement on Crypto Crash
Dogecoin Whale Volume Surge Could Extend Price Recovery
Entering 2024, there were high expectations placed on the digital asset market. Subsequently, the industry made good on those, with a plethora of tokens reaching year-highs. Bitcoin led the pack, reaching an all-time high of $73,000 this month. Yet, among the best-performing assets where meme coins
Any discussions about meme coins will always be directed toward the originator of the subsect. The asset has not had the best week, but as Dogecoin (DOGE) Sees its whale volume up 96%, it could have a price recovery forming. Moreover, it could work to extend its gains over the last month, as it increased more than 56% from the end of February.
Also Read: Dogecoin (DOGE) Price Prediction March-End 2024
IntoTheBlock data shows that there is renewed interest in Doge from its largest holders. Specifically, whale transactions denote any trade worth more than $100,000. The data shows that $5.29 billion worth of these trades had taken place in the last day alone. The largest question now is directed at what it could mean for the asset’s price movement.
Dogecoin had been maintaining its levels when comments from Elon Musk led to a massive surge. Those figures decreased amid the ongoing correction but reinforced the Dogefather effect on the asset. That may have reignited large-scale holders’ interest in the asset’s performance.
With the Bitcoin Halving event set to take place in less than a month, the asset could participate in the industry-wide surge. However, it will have to transform increased whale interest into actual price impact over the next several weeks. Whether or not that happens is something only time can divulge.
Credit: Source link
