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Dogecoin (DOGE) is currently making waves and setting new records in market activity. Large holders have shifted 60.9 billion DOGE in the last 24 hours, indicating the meme coin’s bullish potential.
Soaring DOGE whale activity
According to IntoTheBlock data, Dogecoin's large transaction volume has increased by 40.1% in the last 24 hours. The large transaction volume amounted to $23 billion or 60.9 billion DOGE within this period.
Tomiwabold OlajideThe rise in whale transaction volume demonstrates investors' increasing confidence in the asset. This renewed confidence among whales would help maintain stability and more price boom soon.
According to IntoTheBlock's definition, large transactions refer to those greater than $100,000. A surge in the metric usually indicates strong buying or selling pressure. Intriguingly, it coincides with an outstanding increase in the price of DOGE.
As of this writing, DOGE is trading at $0.4476, up 4.3% in the last 24 hours. This increase has pushed weekly and monthly gains to 5.66% and 137.8%, respectively. The prevailing market performance shows Dogecoin may soon experience a price rebound.
Short-term traders might choose to bet on Dogecoin due to the increased volume. This move could lead to a further boost in market activity and prevent a sharp sell-off, which would have caused the price to fall.
DOGE shows signs of bullish holiday season
Technically, DOGE's price recently broke through key resistance levels and began to exhibit indications of a possible bullish reversal. Rising volumes, a traditional sign of sustained momentum, support the ongoing price surge.
Yuri MolchanMoreover, Dogecoin's December performance over the past decade offers hope for bullish sentiment this year. For instance, DOGE recorded an outstanding 337.5% gain in December 2017 and a more moderate rally of 32.4% in 2020. Last year, DOGE’s price grew moderately by 7.01%. This historical trend now positions DOGE as a cryptocurrency to watch this holiday season.
Alex Dovbnya
Dan Burgin
Vladislav Sopov