Dogecoin ($DOGE) Price Skyrockets 10% as Investor Whales Plunge In: The Resurgence of Meme Coin Mania?
The meme-inspired digital currency Dogecoin ($DOGE) has witnessed a remarkable surge of over 10% in its price within the past week, thanks to increased participation from large cryptocurrency investors, commonly referred to as whales, indicating a revived fascination with the cryptocurrency.
IntoTheBlock, a blockchain analytics firm, reported that transactions involving DOGE whales, i.e., those involving more than $100,000 worth of the meme-inspired cryptocurrency, almost doubled in a mere 24 hours after rumors circulated regarding the potential approval of exchange-traded funds (ETFs) for spot Ether.
Breaking: #Dogecoin Sees Surge in Large Transactions Amid Speculation on #EthereumETF 🚀 🔥
The total value of large $DOGE transactions exceeding $100,000 soared from $1.53B to an impressive $3.01B in the past 24 hours.
This surge indicates a significant… pic.twitter.com/QIGvjJ7C17
— Coinpedia Markets (@MarketCoinpedia) May 23, 2024
The data also indicates a surge in the amount of DOGE being traded by these influential investors, rising from 9.74 billion DOGE to 17.97 billion DOGE during the same period.
To add to the excitement, during this period, a dormant Dogecoin whale holding 893,303 DOGE (roughly valued at $145,101) finally made its move after ten years of inactivity. This transaction marked the whale’s first action since May 2014 and involved the transfer of 23,338 DOGE, worth approximately $4,000, to Binance, the world’s leading cryptocurrency exchange.
💤 After 10.4 years, an inactive account containing 893,303 #DOGE ($147,524) is now active!https://t.co/iUi27LPA3b
— Whale Alert (@whale_alert) May 22, 2024
Historically, the resurgence of early cryptocurrency investors has often coincided with significant price fluctuations. The recent transfer to Binance could potentially indicate forthcoming selling activity, adding to the speculation surrounding DOGE’s future trajectory.
As previously reported by Cryptoglobe, DOGE is currently forming a chart pattern that suggests the cryptocurrency’s price could surge by over 23,000%, resembling a previous rise experienced when the same pattern emerged last year.
This particular chart pattern was first identified by renowned cryptocurrency analyst Ali Martinez, who pointed out on social media that Dogecoin’s weekly chart displayed a descending triangle formation. The last time Dogecoin encountered this pattern, it witnessed an unimaginable rally of 23,200%. This revelation has ignited speculation as to whether Dogecoin could potentially replicate such a meteoric rise once more.
Featured image via Unsplash.