Dogecoin (DOGE) whales have massively increased their transactions within the last 24 hours, stirring curiosity in the ecosystem. According to IntoTheBlock data, over 60 billion DOGE have been transacted as whales actively engage in trading.
DOGE whales on move
The whales have moved 60.9 billion DOGE valued at $23.35 billion in the last 24 hours. This represents a 41% surge in the period under review. The transactions factor in inter-wallet transfers, movements between exchanges and outright sales of DOGE.
Of these, 9,410 large transactions were recorded, highlighting the frenzy of DOGE whales. Generally, such high-volume transactions indicate preparation for anticipated upward price movement. That is, it appears the whales are anticipating a price rally in the future.
As of this writing, DOGE has dipped slightly in price in the last 24 hours. According to data, DOGE has slipped by 6.01% to trade at $0.3275 amid market volatility. The coin’s price has fluctuated between a high of $0.3517 and a low of $0.3265 before settling at the current level.
Market watchers consider the current price to come as DOGE has entered a consolidation phase. This phase may persist for a few weeks before DOGE experiences a sustainable price breakout.
They opine that the coin mirrors its 2017 cycle, and DOGE whales might be buying the dip.
Are whales being strategic?
This price dynamic signals a shift from the bullish tradition of DOGE recorded in January, when it averaged 83.9% growth. Although the asset showed an outstanding increase of over 700% in January 2021, six of the past 11 years have not been so remarkable.
Interestingly, DOGE recorded a 7.95% slump in the 2017 cycle. Thus, if DOGE whales are analyzing this data, it could signal their accumulation ahead of March/April, when the asset has a history of rebounding massively.
It remains unclear if Dogecoin will repeat history, or if the whales know something smallholders lack.
