Dogecoin Whale Activity Sees Massive Spike, DOGE Price Breakout Ahead?
Highlights
- Dogecoin whales become active as roughly 800 million tokens were recorded to be shuffled.
- Rising accumulations and whale activity ignite market optimism, underscoring heightened interest in the meme-themed asset.
- DOGE price crosses the $0.4 mark, with more potential gains ahead.
Amid a recovery sentiment brewing across the broader crypto landscape, Dogecoin whale activity has again taken the stage as they become highly active. On Friday, market data indicated that roughly 600 million Dogecoins were moved between unknown wallets, whereas over 200 million tokens were bought via whales from exchanges intraday. In light of this substantial whale activity spike, the upshot was traders’ and investors’ soaring optimism regarding a bullish DOGE price breakout ahead.
Dogecoin Whale Activity Rises, Signals Bullish Road Ahead
As per the latest data from Whale Alert on X, 600 million tokens were moved between two Dogecoin whales on January 17. Notably, via a couple of transactions, the addresses D78RZmm… and DQhgaR… transferred $231.5 million worth of tokens, sparking market discussions.
Simultaneously, whale data spotlighted by a top crypto analyst, Ali Martinez, revealed that whales also purchased over 200 million tokens in the past 24 hours. Overall, the rising DOGE whale activity and increased buying pave a bullish path for the meme crypto’s future price movements, underscoring rising market confidence in the asset’s future potential. In turn, this saga has left traders and investors highly optimistic, with some even expecting that a target of $3 looms.
On the other hand, it’s noteworthy that Elon Musk’s D.O.G.E. saga under Trump’s presidency has offered significant support to the meme coin’s market sentiment. With Donald Trump set to take office on January 20, another bullish wave could be witnessed as an upshot of a pro-crypto era. Further, recent reports from across the globe convey that Elon Musk’s D.O.G.E. has commenced hiring, adding to market discussions amid rising whale movements. Overall, the abovementioned dynamics have echoed substantial market optimism surrounding the leading dog-themed meme cryptocurrency.
Is DOGE Price Breakout Ahead?
At the time of reporting, DOGE price witnessed a nearly 6% uptick and is currently trading at $0.4003. Its intraday low and high were $0.3685 and $0.3957, respectively. The rising trajectory amid burgeoning Dogecoin whale activity signals a bullish market stance for the asset.
On the other hand, crypto analyst Ali Martinez has also revealed that historical trends suggest that the next price upswing could commence as soon as next week. The dog-themed meme token currently confronts the $0.40 level, sustaining above which could result in hitting its 2024 high of $0.4837, per CoinGape Dogecoin price analysis. Traders and investors continue to monitor the meme token for further price action shifts as broader trends unfold.
- CZ’s YZi Labs Commits $1 Billion Builder Fund As Binance Coin Surpasses XRP
- Expert Sees LTC Crashing to $50 Even As Litecoin ETF Approval Reaches Final Stage
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL
- GraniteShares 3x XRP ETF Can Trigger ‘Panic Buying XRP’ Says Expert
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
