With their enormous moves, Dogecoin (DOGE) whales have continued to influence the meme coin ecosystem and the overall market direction. Whale Alert, a crypto analytics website, reports that in only 20 minutes, about 550,000,000 DOGE were transferred. The pattern indicates how invested whales are in the meme currency, even if they are not exactly related.
Dogecoin reset underway
The price of DOGE fell sharply during early trading hours, which many would consider a good correction. After an incredible week in which it rose by more than 115%, this was to be anticipated. With leading experts like Peter Brandt remaining optimistic about future developments based on previous evidence, the ecosystem as a whole remained resilient despite the frightening slide.
In order to rewrite the entire story, Whale Alert revealed that 200 million DOGE, or around $77.4 million, had been transferred between two anonymous wallets in a single transaction. Two further significant transactions totalling 150 million DOGE (about $58 million) and 200 million DOGE were also highlighted by the analytics platform.
These whale activities, like those of their predecessors, have contributed to the stabilisation of the Dogecoin price outlook. As of this writing, DOGE’s price is approaching its prior multi-year peak. In the last day, the coin’s value increased 6.93% to $0.4138. The meme currency has reduced its losses in a single day and made the $0.40 mark a crucial support level to keep an eye on.
Where is DOGE heading?
There are now a lot of conjectures regarding Dogecoin’s future. Its association with Bitcoin, however, may contribute to its overall liberation.
Given that Bitcoin is currently trading above $91,500, a new all-time high, DOGE’s price may soon surpass $0.50. The currency will reach its all-time high of $0.7375, aided by persistently favourable measures like as trading volume, open interest, and whale activity.
