Dogecoin ($DOGE) Price Soars 10% as Whales Dive Back In: Meme Coin Mania Returns?

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As a seasoned crypto investor with a keen interest in the market, I’ve learned to keep an eye on trends and patterns that could potentially impact my investments. The recent surge in Dogecoin ($DOGE) has caught my attention, especially given the increased activity from large investors or “whales.”

Lately, Dogecoin ($DOGE), the cryptocurrency inspired by memes, has experienced a significant price increase of over 10% during the last week. This surge can be attributed to heightened activity from prominent investors in the crypto market, often referred to as “whales,” who are increasingly expressing their fascination with Dogecoin.

Based on information from blockchain analysis company IntoTheBlock, there was almost a twofold increase in significant DOGE transactions, which are valued over $100,000, within a 24-hour timeframe. This surge occurred as rumors swirled regarding the potential approval of Ether spot Exchange-Traded Funds (ETFs).

New Development: The Number of Large Dogecoin Transactions Valued over $100,000 Significantly Increases Amid Ethereum ETF Rumors 🐕🔥

In the last 24 hours, the total worth of these substantial Dogecoin transactions has nearly doubled, rising from a notable $1.53 billion to an even more noteworthy $3.01 billion.

This noticeable increase suggests a considerable level of investor activity and speculation surrounding Dogecoin, potentially fueled by Ethereum ETF-related news.

— Coinpedia Markets (@MarketCoinpedia) May 23, 2024

Over the given timeframe, there has been a significant increase in the amount of DOGE transacted by these large investors. Specifically, there was a jump from transferring 9.74 billion to 17.97 billion worth of DOGE.

A significant Dogecoin investor, who had been dormant for over a decade with a balance of 893,303 DOGE ($145,101), suddenly became active in early transactions. This whale, whose last transaction was recorded in May 2014, transferred 23,338 DOGE ($4,000) to Binance, the globally recognized cryptocurrency exchange.

An inactive Dogecoin wallet holding approximately 893,303 units, equivalent to around $147,524, has recently become active again after a long dormancy of over 10 years.

— Whale Alert (@whale_alert) May 22, 2024

The whale still owns approximately 869,964 DOGE, worth more than $140,000. However, this transaction has raised worries about possible price swings in the DOGE market.

As a seasoned crypto investor, I’ve noticed that the return of early cryptocurrency investors to the market has frequently preceded substantial price fluctuations in the past. The latest transfer of a significant amount of Dogecoin (DOGE) to Binance could be seen as an indication of potential selling activity from these early investors. This news has only intensified speculation regarding DOGE’s future price trend.

According to Cryptoglobe’s report, the price of DOGE could potentially increase by more than 23,000% based on a chart pattern that resembles one seen during its significant price surge last year.

Expert: Ali Martinez, a well-known cryptocurrency analyst, identified a potential descending triangle formation on Dogecoin’s weekly chart via social media. Previously, when Dogecoin exhibited this pattern, it experienced an extraordinary surge of approximately 23,200%. This discovery has sparked excitement among investors about the possibility of another remarkable price increase for Dogecoin.

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2024-05-25 05:08