Dogecoin Whale Activity Surges After Twitter Deal, Will DOGE Rise More?

Dogecoin (DOGE) appears to be attracting increased trade by crypto whales, which is likely to drive the token even higher after recent gains.

DOGE prices skyrocketed by over 30% in the last 24 hours, amid optimism over Elon Musk’s $44 Billion Twitter buyout. Musk had hinted at a possible integration of the world’s largest memetoken into Twitter.

DOGE token is trading at an average price of $0.161- a near three-week high.

DOGE whale transactions hit four-month high

Elon Musk is famous to move cryptocurrencies’ prices, especially Dogecoin with his cryptic and controversial Tweets. According to data from blockchain analytics firm into the block, crypto whales are hovering over Dogecoin suggesting a big move in the future. Big transactions of over $100,000 have reached a four month high, indicating increased whale trade.

Crypto analyst Ali Martinez added that Dogecoin is heading towards the $0.24 price level after the breakout. However, if the token fails to hold the momentum above the $0.14 price level then this will refute the bullish outlook.

As per Into the block, on the chain transaction volume of more than $100k for Dogecoin soared up to $2.5 billion. This move acts as a proxy for institutional activity. It added that the recorded volume is the highest since March 24th. While it is representing around 94% of the total volume.

$48 million moved in single transaction

According to Dogecoin Whale Alert, over $66.6 million worth of Dogecoin has been transferred among multiple wallets in the last 6 hours. The single biggest transaction recorded by the tracker has been over $48.2 million. Meanwhile, Dogecoin’s 24 hour trading volume of $7,180,077,402 has surged by a whopping 800%. After a long wait DOGE token has finally entered the list of top 10 cryptocurrencies.

The top BSC whales are accumulating the Dogecoin for a very long time. DOGE tokens stand in the top 10 coins held by the largest wallets. As per the data, BSC whales hold over $46 million worth of Dogecoins. However, it just makes 4.6% of the total holdings.