Dogecoin (DOGE-USD) is grabbing attention once again, as recent data shows a dramatic 41% spike in whale transactions. Despite a slight dip in its price, these whale movements could signal a major price rally ahead for the meme coin.
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Whale Transactions Surge, Showing Strong Investor Interest
According to data from IntoTheBlock, whale transactions (defined as trades over $100,000) have surged by 41%, with total transaction volume hitting $23.35 billion. In just 24 hours, over 9,400 such transactions were recorded, accounting for a total of 60.9 billion DOGE. This surge indicates that large investors are still actively trading and accumulating Dogecoin. As U.Today reports, these whales are driving a significant portion of the market activity, which could pave the way for a price rebound.
Musk’s Endorsement Boosts Dogecoin’s Popularity
Adding fuel to the fire is Elon Musk’s ongoing endorsement of Dogecoin. Musk has long been a fan of the meme coin, frequently posting about it on X (formerly Twitter). His involvement with the Department of Government Efficiency (D.O.G.E) continues to keep Dogecoin in the spotlight, attracting further institutional interest. Musk’s influence has played a key role in sustaining Dogecoin’s place in the crypto market.
With whale transactions on the rise and Musk’s endorsement continuing to fuel investor enthusiasm, Dogecoin may be on the verge of another surge in value. At the time of writing, Dogecoin is sitting at $0.4336.
