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Dogecoin DOGE whales have actively conducted massive DOGE transactions in the past 24 hours. Their activity resonated in the market, leading to a recovery in the price of the meme coin. This development has sparked investors' interest in the ecosystem and they plan to benefit from rising prices.
Whale coefficients indicate optimism for DOGE
Notably, data from IntoTheBlock reveals that transactions worth more than $100,000 recorded within the DOGE ecosystem are valued at more than $23 billion. This includes transfers between wallets, direct sales and movement between exchanges.
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This indicates that DOGE whales may believe that there is potential price movement in the future. The intensity also indicates that whales are now positioning themselves ahead of the upcoming surge.
Meanwhile, senior analyst Ali Martinez said on X male Of these amounts, whales collectively purchased more than 1.08 billion DOGE tokens. This level of activity underscores the growing trust and interest in DOGE from major investors in the Dogecoin community.
Martinez highlighted the purchase to bring the optimism that whales bring to the attention of the broader community. DOGE whales play a crucial role in maintaining liquidity, which can ultimately translate into higher prices.
Price performance and historical context
Although some other factors may have triggered the transactions in the last 24 hours, market watchers assert that they helped the DOGE price rebound.
As of this writing, DOGE is commerce At $0.34, down 0.76%. However, the current trading price is much higher than the previous price of $0.3351. This indicates a market recovery as the token repeats the previous attempt price batch.
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Historically, January has been the best month for DOGE, as it was previously Reported by U. Today. Notably, in the past 10 years, DOGE has achieved an average return of 83.9% in January, and the meme coin may repeat its history this year.
However, the average return for January represents a loss of 3.86%, indicating the potential for lower prices.
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