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Dogecoin (DOGE) whales are looking to end the year with full bags, according to recent accumulation trends. According to to update According to market analyst Ali Martinez, market whales have accumulated 300 million DOGE in the past 24 hours. This accumulation was recorded as the price of the asset fell to a record low of $0.3065.
Dogecoin whales and price correlation
Given the diversity of market data, the activities of Dogecoin whales are well tracked. Large DOGE buyers directly influence the asset's market price, especially when market sentiment is positive.
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Over the past week, Dogecoin has been trading with extreme volatility. While short-term holders (STH) continue to sell, unbalancing the market, whales, especially long-term holders, have managed to keep the price above the $0.3048 mark.
In compliments to the latest Doge whale Ali Martinez Acquisition Update Dogecoin whale transactions, as measured by IntoTheBlock, jumped more than 41% overnight. With this number, the volume of transactions reaches $23.35 billion.
This sheer volume beats top assets like Ethereum (ETH) and Cardano (ADA), a protocol known for its large whale transactions.
With the whale population looking positive, DOGE price has entered a rare recovery phase. At the time of writing, it has risen by 5.05% in 24 hours to $0.3266.
Will the rise continue?
Dogecoin price is still on edge as it has yet to recover its best price of the year, which now stands at $0.4835. However, it is far from the low of $0.0749 hit last year.
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While the Dogecoin Foundation is ambitious Development plans In order to revive in 2025, the best growth direction for DOGE will depend on its strong correlation with Bitcoin and social sentiment.
With Elon Musk taking it recently Paying attention to memes like PEPEA return to Dogecoin may help correct its growth trajectory in the future.
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