300 Million Dogecoin in 24 Hours, What's Happening?
2024-12-31
Category: None

Dogecoin DOGEUSD whales look to end the year with full bags, judging by their latest accumulation trends. According to an update by market analyst Ali Martinez, market whales have accumulated 300 million DOGE in the past 24 hours. This accumulation was recorded as the asset's price dropped to a record low of $0.3065.
Dogecoin whales and price correlation
Considering the diversity of market data, Dogecoin whales' activities are well tracked. These big DOGE buyers directly influence the price of the asset on the market, especially when broader market sentiment is positive.
Whales bought over 300 million #Dogecoin $DOGE in the past 24 hours! pic.twitter.com/DgGMZjJvQ0
Over the past week, Dogecoin has traded with intense volatility. While short-term holder (STH) continues to sell, disrupting the market’s balance, whales, especially long-term holders, have managed to keep the price above the $0.3048 mark.
In compliments to the latest DOGE whale acquisition update from Ali Martinez, Dogecoin whale transactions, as measured by IntoTheBlock, jumped by over 41% overnight. With this figure, the transaction volume comes in at $23.35 billion. 
This massive volume outshines top assets like Ethereum ETHUSD and Cardano ADAUSD, a protocol known for its large whale transactions.
With the whale count flashing positive, the price of DOGE has entered a rare recovery phase. At the time of writing, it is up by 5.05% in 24 hours to $0.3266.
Will uptick be sustained?
Dogecoin's price remains on edge as it is yet to reclaim its best price for the year, now pegged at $0.4835. However, it is far from the $0.0749 low it registered in the past year. 
While the Dogecoin Foundation has ambitious development plans to bring to life in 2025, the best growth trend for DOGE will hinge on its strong correlation with Bitcoin and social sentiment.
With Elon Musk recently taking an interest in memes like PEPE, a return to Dogecoin might help correct its growth course moving forward.