Dogecoin's (DOGE) large transactions surged by 41% in 24 hours, with 60.9 billion DOGE moved by whales. Despite a price dip to $0.3973, whale activity and Elon Musk-driven social mentions have bolstered bullish sentiment, signaling a potential price recovery for the meme coin.
Whale Transactions Surge Amid DOGE Price Drop
Recently, Dogecoin's (DOGE) price fell 2.04% to $0.3973, continuing its fight to maintain a price above $0.4. The DOGE whales have maintained their activity levels despite this bearish trend, as observed on IntoTheBlock (ITB).
According to this report, the number of major transactions involving the meme coin increased by 41.12% in just one day. The DOGE price may be able to regain lost territory due to this strong activity, which indicates strength and a huge boost.
More than 60.9 billion DOGE have been shuffled by these high-net-worth traders because of the big transactions spike in Dogecoin. The 60.9 billion DOGE is interesting because it is identical to a corresponding figure that was recorded earlier this week.
Massive Whale Activity Signals Potential Price Rally
In the past, huge price rallies were preceded by the large whale boost. Near the 24-hour mark, over 9,400 substantial transactions were recorded. These $100,000 transactions show that wild guesses do not drive the increasing adoption.
This measure is supplemented by the actual daily trading volume as well. This indicator is showing signs of thinning down, according to data from CoinMarketCap, as the losses of the last 24 hours are being pared down. The much-anticipated change will be introduced soon, with over $3.47 billion transacted overall.
Expectations are high that DOGE will retest its ATH of $0.7376 during this bull cycle, despite the fact that the valuation of most digital currencies has been lowered in recent weeks, U.Today points out.
Elon Musk’s Influence and DOGE Army Goals
Social mentions surrounding Elon Musk's D.O.G.E. are contributing to a general shift in attitude, in addition to the quantifiable chain data. As Elon Musk's endorsement of Dogecoin may increase over time, numerous entities have indicated its associated growth.
It should be noted that Dogecoin's principal objective is still the recovery of the ATH. Members of the DOGE Army are anticipating a $1 price milestone in the far future. How far the Dogecoin Foundation and other popular Dogecoin products go in their development will determine whether this milestone is met or not.
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