Dogecoin Hit by 60.9 Billion Whale Moves, Is the Market Ready for a Bullish Shake-Up?

Dogecoin, the reigning meme coin, saw whales moving a staggering 60.9 billion tokens worth $23.35 million in just 24 hours. Despite this surge, DOGE’s price dipped 9.7%, signaling selling pressure amid profit-taking.

Whale Activity Drives Record 60.9 Billion Dogecoin Transfers

A record-breaking 60.9 billion tokens were transferred by major investors in just one day on Dogecoin (DOGE), the biggest meme coin. Massive interest from institutional investors, or "whales," in the market is a common indicator of impending bullish momentum.

Data from IntoTheBlock shows that the volume of major transactions involving Dogecoin has increased by 41.2% in the past day. In accordance with IntoTheBlock's definition, large transactions are defined as those over $100,000.

The behavior of whales, which may indicate intense buying or selling pressure, is frequently reflected in it. The significant amount of DOGE transactions in the past 24 hours amounted to $23.35 million, or 60.9 billion SHIB.

Dogecoin Faces Heavy Selling Pressure Despite Whale Interest

The broader impact on Dogecoin's price has been minimal, although the current rise in such transactions does show interest from major holders. According to U.Today, as it is presently undergoing a correction, the market seems to be under heavy selling pressure.

Despite the market's recent gain, a number of digital assets are experiencing declines. The price of Bitcoin (BTC) has dropped 5.3% in the past day, reaching $92,199. The market leader among alternative cryptocurrencies, Ethereum (ETH), fell 4.7% in the past 24 hours, trading at $3,326.

Shiba Inu (SHIB), another popular meme coin, also lost 6.5% of its value.

Even as whale movements increased, Dogecoin was still part of the downturn. With a decrease of 9.7 percent during the past 24 hours, the price of DOGE was trading at $0.3756 as of press time. This discordance indicates that some whales are probably cashing out following the recent DOGE price jump, which has triggered more selling pressure.

Market Analysts Predict Bullish Prospects for Dogecoin

In addition, the daily trading volume increased by 23.7% to $10.79%, showing that investors are eager to accumulate the token. Dogecoin has also received positive predictions from market analysts. Raoul Pal, CEO and founder of Real Vision, thinks Dogecoin has a chance to beat Bitcoin.

Ali Martinez, a crypto expert, forecasted that Dogecoin would break out at $0.82.

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