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Dogecoin whales made waves by shifting 60.9 billion DOGE in the past 24 hours. This significant market activity, paired with a 4.3% price increase, is fueling bullish predictions for the meme cryptocurrency.
Dogecoin Surges as 60.9 Billion DOGE Trades Hands in 24 Hours
At the moment, Dogecoin (DOGE) is doing more than ever before in the market. The fact that 60.9 billion DOGE has changed hands among large holders in the past 24 hours is a bullish sign for the meme coin.
Data from IntoTheBlock shows that the volume of large Dogecoin transactions has jumped 40.1% in the past day. During that time, there were a lot of big transactions totaling $23 billion, or 60.9 billion DOGE.
Investors' growing faith in the asset is shown by the increase in whale transaction volume. There will be further price booms in the near future if whales regain their confidence.
Whale Activity and Price Momentum Signal Confidence
Any deal with a value above $100,000 is considered a big transaction by IntoTheBlock. Strong purchasing or selling pressure is typically indicated by a rise in the measure. Coincidentally, the price of DOGE has risen significantly, which is rather intriguing.
Presently, one DOGE coin is trading at $0.4476, a 4.3% increase over the past 24 hours. Gains for the week came to 5.66% and for the month, 137.8%, thanks to this increase. Based on current market trends, Dogecoin's value might see a recovery in the near future.
Due to the increasing volume, Dogecoin can be a good choice for short-term traders. This action may encourage more buying in the market and forestall a precipitous decline in price that would have resulted from a fast sell-off.
Technical Indicators Suggest Bullish Reversal for DOGE
From a technical perspective, there are signs that the price of DOGE may be about to reverse and head upward after breaking through important resistance levels, U.Today explains. Volumes are increasing, which is a classic indicator of prolonged momentum, which lends credence to the current price spike.
In addition, the positive feeling this year may be fueled by Dogecoin's December success over the past decade. In December 2017, DOGE saw an incredible rise of 337.5%, and in 2020, it had a more moderate rally of 32.4%. The price of DOGE increased somewhat, by 7.01%, over the past year. Given this pattern of events, DOGE is now a cryptocurrency to keep an eye on during the Christmas season.
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