Dogecoin (DOGE) whales have made a surprising strategic move that could potentially pave the way for an increase in the cryptocurrency‘s value. Data from the crypto analysis platform IntoTheBlock reveals a significant 26.19% increase in Dogecoin whale transactions over the last 24 hours, indicating an interesting trend.
The volume of Dogecoin whale transactions, currently at $1.19 billion, has jumped remarkably from the $939.27 million reported on December 23. Adding complexity to this surge is the noticeable pattern in the number of transactions.
Despite the total number of whale transactions dropping from 1,430 on December 23 to 1,330 on December 25, the volume experienced a parabolic increase. This unexpected trend suggests that fewer whales are accumulating DOGE, yet the individual transactions are of significant value, presenting a rare but promising scenario.
Dogecoin whales, who have consistently purchased at least $100,000 worth of DOGE over the past three months, have contributed to a unique scenario. Typically, whale accumulation leads to a supply shock, promoting long-term price increases for the digital currency.
Despite Dogecoin’s large circulating supply, the current whale activity points to a potential positive close for December 2023, deviating from historical trends since 2020.
The impact of whale actions on Dogecoin’s market dynamics is well known within the crypto community. While the cryptocurrency has experienced a slight decline, it is currently trading at $0.09252, down 0.44% in the last 24 hours. However, the weekly outlook paints a more optimistic picture, with a 3% increase as Dogecoin appears ready to maintain its positive trajectory, supported by the effective transactions of influential whales.
In the remaining days of the year, the echoes of whale activities on Dogecoin’s value will likely emerge. Investors are closely monitoring this unique trend in whale behavior to see if it will translate into a significant rally for DOGE, defying conventional expectations and setting the tone for the cryptocurrency’s performance in the coming year.