Dogecoin Whale Activity Sees Massive Spike, DOGE Price Breakout 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.