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Meme coin king Dogecoin (DOGE) has recorded a staggering transfer of tokens between two unknown wallets in the last 24 hours. As spotted by Whale Alert, an on-chain platform on X, 807,378,538 DOGE were moved in five transactions.
Market reacts with surge in trading volume and price
The value of the over 807 million DOGE has been estimated at $149.76 million. The size of the transfer suggests it is likely the action of a DOGE whale moving its holdings around.
However, since the wallets were unknown, it is difficult to tell the intention of this large holder. The whale might have moved such a large volume as a result of reorganizing its portfolio, or it could have been a prelude to offloading some of its assets.
This speculation is one of the key reasons that DOGE whales have influenced market dynamics. If small market participants with lesser holdings panic and decide to sell, it could trigger sell pressure and negatively impact the price.
Generally, the DOGE whale's activity often precedes a period of price volatility. Hence, investors typically watch the market and whale action to avoid huge losses.
As of press time, the DOGE price was changing hands at $0.1860, an increase of 7.58% in the last 24 hours. Trading volume has also spiked by 73.76% to $1.24 billion within the same time frame.
DOGE bulls take control, path to $0.20?
The market figures suggest that investors treat the development as a possible portfolio reorganization, not a pre-sales move.
Interestingly, DOGE has shown an explosive breakout mirroring the spike in Bitcoin over the same period. The meme coin climbed from a low of $0.1695 and breached the $0.18 resistance to hit its current price.
The alignment of price uptick and trading volume surge indicates that DOGE bulls are taking control of the market. If the bulls sustain this momentum, Dogecoin price is likely to soar past $0.20 soon, as its history backs such a climb.
Vladislav Sopov