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

The meme-inspired cryptocurrency Dogecoin ($DOGE) has recently seen its price surge by more than 10% over the last week amid growing activity from large cryptocurrency investors, colloquially known as whales, that shows growing interest in the cryptocurrency.

According to data from blockchain analytics firm IntoTheBlock, DOGE whale transactions – those exceeding $100,000 worth of the meme-inspired cryptocurrency – nearly doubled in a single 24-hour period after speculation surrounding the potential approval of spot Ether exchange-traded funds grew.

The data also reveals a rise in the volume of DOGE moved by these whales, climbing from 9.74 billion to 17.97 billion over the same period.

Adding to the intrigue, a long-dormant Dogecoin whale holding 893,303 DOGE (around $145,101) moved their funds after a decade of inactivity at about the same time, marking the whale’s first transaction since May 2014, involving the transfer of 23,338 DOGE, worth roughly $4,000, to Binance, the world’s leading cryptocurrency exchange.

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While the whale retains the majority of its holdings (869,964 DOGE, valued at over $140,000), this movement has sparked concerns about potential price fluctuations.

Historically, the re-emergence of early cryptocurrency investors has often coincided with significant price swings. The recent transfer to Binance could be interpreted as a potential precursor to selling activity, further fueling speculation about DOGE’s future trajectory.

As Cryptoglobe reported, DOGE has formed a chart pattern that suggests the price of the cryptocurrency may surge over 23,000%, akin to a rise it experienced last year when the same pattern was formed on its chart.

The chart pattern was first spotted by popular cryptocurrency analyst Ali Martinez, who noted on social media that on Dogecoin’s weekly chart a descending triangle has formed. The last time Dogecoin encountered this pattern, it catapulted with an almost unfathomable rally of 23,200%. This revelation has stoked speculation about whether Dogecoin could reproduce a similarly meteoric rise.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2024/05/dogecoin-doge-price-soars-10-as-whales-dive-back-in-meme-coin-mania-returns/