Dogecoin Large Transactions On The Rise — Can This Fuel DOGE Price Recovery?

Opeyemi Sule

9 months ago

3 mins read

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Dogecoin increased in value by more than 12% in the historically bearish month of September but has not quite been able to replicate its excellent form this October. The DOGE price has been under significant bearish pressure in the past few days, reflecting the sluggish climate of the crypto market over the past week.

However, the latest on-chain revelation has pointed out that the price of Dogecoin might not be down for too long. Large investors of the meme coin have become increasingly active in the market — and here’s how it might impact price.

Are Dogecoin Whales Positioning Themselves For A Bullish Breakout?

Prominent crypto pundit Ali Martinez took to the X platform to share an interesting on-chain insight into the activity of whales and other large investors in recent days. The relevant indicator here is the IntoTheBlock number of large transactions metric, which calculates the number of token transfers worth over $100,000.

The cohort of investors involved in this data point is the whales and institutional players, considering the magnitude of these transactions. Whales refer to entities (individuals and organizations) that hold substantial amounts of a particular cryptocurrency and, as a result, wield significant influence on the market dynamics.

According to Martinez, the number of large Dogecoin transactions has been steadily rising. A surge in large transactions often indicates that institutional players and whales are either accumulating ahead of a price upswing or distributing their assets. It is worth noting that the IntoTheBlock large transactions metric doesn’t offer enough insight into the direction of these transfers.

However, a recent data point revealed that Dogecoin whales (with at least $10 million) have bought over 1 billion DOGE (worth over $108 million) in one day. While this confirms that the large holders have been accumulating, it leaves other investors wondering what they know.

Nevertheless, the heightened activity of institutional investors and whales could push a bullish narrative for Dogecoin, reinforcing faith in the meme coin’s long-term potential. This could increase market volatility, setting the stage for significant upward price movements.

DOGE Price At A Glance

As of this writing, the price of Dogecoin stands at around $0.1088, reflecting a mere 0.6% decline in the last 24 hours. According to data from CoinGecko, DOGE is down by more than 16% in the past week.

While the meme coin’s recovery seems to be slowing down at the moment, investors might want to keep an eye out for bullish on-chain movements. Moreover, October is known to be a historically positive month for Dogecoin.

Featured image created by Dall.E, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

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Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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