Dogecoin (DOGE-USD) is currently struggling to stay above the $0.4 level, recently dipping 2.04% to $0.3973. Despite the price slump, the coin is seeing a surge in whale activity, with large transactions jumping by 41.12% in just 24 hours, according to IntoTheBlock. This uptick in transactions, involving over 60.9 billion DOGE, hints at potential market strength that could push the price back up.
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Whale Activity Signals a Shift
Historically, such whale movements often signal an upcoming price rally. With over 9,400 large transactions totaling $100,000 or more, these trades indicate that the growing adoption of Dogecoin isn’t just fueled by speculation. In fact, the total trading volume has reached over $3.47 billion, adding to the anticipation that a price shift could be on the horizon, according to U.Today.
Elon Musk’s Influence Boosts Sentiment
Elon Musk’s ongoing promotion of Dogecoin continues to influence sentiment around the meme coin, with many investors eyeing the $1 price milestone in the long term. Whether Dogecoin hits this target will depend on both market trends and developments from the Dogecoin Foundation.
At the time of writing, Dogecoin is sitting at $0.3944.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
