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Dogecoin (DOGE) whales look to end the year with full bags, judging by their latest accumulation trends. According to an update by market analyst Ali Martinez, market whales have accumulated 300 million DOGE in the past 24 hours. This accumulation was recorded as the asset's price dropped to a record low of $0.3065.
Dogecoin whales and price correlation
Considering the diversity of market data, Dogecoin whales' activities are well tracked. These big DOGE buyers directly influence the price of the asset on the market, especially when broader market sentiment is positive.
Yuri MolchanOver the past week, Dogecoin has traded with intense volatility. While short-term holder (STH) continues to sell, disrupting the market’s balance, whales, especially long-term holders, have managed to keep the price above the $0.3048 mark.
In compliments to the latest DOGE whale acquisition update from Ali Martinez, Dogecoin whale transactions, as measured by IntoTheBlock, jumped by over 41% overnight. With this figure, the transaction volume comes in at $23.35 billion.
This massive volume outshines top assets like Ethereum (ETH) and Cardano (ADA), a protocol known for its large whale transactions.
With the whale count flashing positive, the price of DOGE has entered a rare recovery phase. At the time of writing, it is up by 5.05% in 24 hours to $0.3266.
Will uptick be sustained?
Dogecoin's price remains on edge as it is yet to reclaim its best price for the year, now pegged at $0.4835. However, it is far from the $0.0749 low it registered in the past year.
While the Dogecoin Foundation has ambitious development plans to bring to life in 2025, the best growth trend for DOGE will hinge on its strong correlation with Bitcoin and social sentiment.
With Elon Musk recently taking an interest in memes like PEPE, a return to Dogecoin might help correct its growth course moving forward.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Vladislav Sopov
Dan Burgin