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Dogecoin (DOGE) 96% Whale Volume Boost Hints Something Big Is Coming

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Wed, 20/03/2024 - 15:10
Dogecoin (DOGE) 96% Whale Volume Boost Hints Something Big Is Coming
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With the market dip taking a different toll on different digital currencies, Dogecoin (DOGE) appears to be plotting a strategic way to sustain its current bullish recovery. The digital currency is changing hands for $0.1356, up by 7.19% in the past 24 hours, per data from CoinMarketCap. Current whale volume data from IntoTheBlock (ITB) shows renewed interest that can spark DOGE's parabolic run in the midterm.

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Dogecoin whales back in full swing

With the latest bouts of liquidations, the crypto market has suffered and the Dogecoin price has plunged as low as $0.12, with a 21.23% slump in the trailing seven-day period. With some of the most viable metrics pointing to a bearish setting, the 92.81% uptick in whale transaction volume per ITB data marks a good omen for the coin.

Whale transactions feature those with a dollar valuation of $100,000 or more. The data shows that approximately $5.29 billion worth of these has been traded in 24 hours. The expanded data revealed that the number of large transactions comes in at 4,330 at a DOGE price of $0.1657, up from 2,590 as of March 3, with the price relatively lower at $0.14.

This obvious embrace as prices soar marks a vote of confidence within the network, a trend that appears visible in the price of the industry’s largest meme coin.

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How great can DOGE soar

Setting a major target for the Dogecoin price has proven to be quite difficult considering the absence of key fundamentals that can complement the current uptick. Nonetheless, the correlation with Bitcoin, the enthusiastic community and the influence of Elon Musk might help sway Dogecoin in the near future.

Having soared as high as $0.2054, Dogecoin may retest this price point in the short term, while making a play for the $1 level in the longer term.

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