60.9 Billion Dogecoin in 24 Hours, DOGE Mirrors Bullish Pattern
2024-12-14
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Dogecoin DOGEUSD struggles to stay above the $0.4 price level, recently slipping by 2.04% to $0.3973. Amid this bearish tilt, DOGE whales have stayed active, as seen on IntoTheBlock (ITB). Per this update, the meme coin has seen its large transactions jump by 41.12% in 24 hours. This intense activity signals strength and a major boost that may see the DOGE price reclaim lost grounds.
Dogecoin repeating old trends
The large transactions uptick in Dogecoin has seen more than 60.9 billion DOGE shuffled by these high networth traders. Interestingly, the 60.9 billion DOGE mirrors a related figure registered earlier in the week.
The massive whale boost often precedes a major price rally, as historically. Within the 24-hour price mark, more than 9,400 large transactions were registered. These transactions valued at $100,000 prove mere speculations do not trigger the growing adoption.
The actual daily trading volume also complements this metric. Per CoinMarketCap data, this metric is thinning out, paring off the losses incurred over the past 24 hours. With over $3.47 billion traded overall, the much-expected shift is bound to be ushered in soon.
How high can DOGE soar?
Despite the valuation cuts that most digital currencies have seen in the past few weeks, there is a strong expectation that DOGE will retest its all-time high (ATH) of $0.7376 this bull cycle.
Beyond the measurable chain metrics, the social mentions around Elon Musk’s D.O.G.E are also helping reshape sentiments across the board. Many entities have hinted at associative growth for Dogecoin, as Elon Musk's promotion might grow over time.
Notably, the reclaim of the ATH remains Dogecoin's primary goal. In the long term, members of the DOGE Army expect a $1 price milestone. Whether this milestone is breached hinges on the developmental efforts from the Dogecoin Foundation and other mainstream products associated with the meme coin.