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Dogecoin Whales (DOGE) have increased their transactions significantly over the past 24 hours, sparking curiosity in the ecosystem. According to IntoTheBlock data, more than 60 billion DOGE were transacted while whales were actively participating in trading.
DOGE WHALES MOVING
Whales moved 60.9 billion DOGE worth $23.35 billion in the past 24 hours. This represents an increase of 41% in the period under review. The transaction factor is transfers between wallets, movements between exchanges and direct sales of DOGE.
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Of these transactions, 9,410 large transactions were recorded, highlighting the madness of DOGE whales. In general, such high volume transactions indicate readiness for the expected upward price movement. That is, whales seem to expect prices to rise in the future.
As of this writing, the price of DOGE has fallen slightly over the past 24 hours. according to DataDOGE fell 6.01% to trade at $0.3275 amid market volatility. The currency price fluctuated between a high of $0.3517 and a low of $0.3265 before settling at the current level.
Market observers consider the current price to come as DOGE enters a consolidation phase. This phase may last for a few weeks before DOGE sees a sustained price breakout.
They believe the coin reflects the 2017 cycle, and DOGE whales may be as well Buy the dip.
Are whales strategic?
This price dynamic signals a shift from the bullish tradition of... DOGE was registered in JanuaryThe average growth reached 83.9%. Although the assets showed a notable increase of more than 700% in January 2021, six of the past 11 years have not been so notable.
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Interestingly, DOGE recorded a 7.95% decline in the 2017 cycle. Thus, if DOGE whales are analyzing this data, it could indicate an accumulation before March/April, when the asset has a history of recovering significantly.
It is still unclear whether Dogecoin will repeat history, or whether whales know something that smallholders lack.
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