The market leader in the meme coin space, Dogecoin, has seen tremendous growth in value recently due to large whale transactions. New data indicates that a Dogecoin whale has amassed a sizable collection of DOGE from cryptocurrency exchanges. The news, meanwhile, coincides with a recent decline in the price of Dogecoin and the cryptocurrency market as a whole, igniting debate about the probable cause of the accumulation.
Besides, the recent series of transactions has also sparked optimism among the market participants over a potential rally in the Dogecoin price in the coming days.
Massive Whale Transactions Spark Speculation
According to the on-chain transaction tracking software Whale Alert, two whale trades have been witnessed recently, increasing market curiosity. Notably, in the first transaction, an unknown DOGE whale, identified by the wallet address “DDuXG….1wwKF”, has accumulated 150 million DOGE, worth over $21.28 million, from Robinhood.
Simultaneously, in another transaction, the same whale has accumulated 76.31 million DOGE, valued at roughly $10.76 million, from the same crypto exchange. These transactions from the same whale reflect the growing interest of the market participants toward the leading meme coin.
Meanwhile, the meme coin sector has acquired substantial traction lately, as seen by the price spike. Notably, the recent price increases of newcomers to the market like MEW, BOME, WIF, and others and popular meme coins like Dogecoin and Shiba Inu are further indications of the growing interest.
Dogecoin Price & Performance
The same whale’s recent whale transactions have stirred speculation about his motives in the cryptocurrency market, particularly regarding Dogecoin (DOGE) prices. Amid market talks, investors eye a potential DOGE price rebound, spurring contemplation of a “buy-the-dip” approach among recent crypto slumps. Nonetheless, these deals usually raise cryptocurrency values, giving investors more faith in DOGE.
Dogecoin’s price decreased by 2.31% to trade at $0.1386 despite the recent large transactions, and its trading volume increased by 30.05% to $1.03 billion the previous day. Over the last seven days, the DOGE price fell more than 12% while losing about 34% monthly.
The price of DOGE reached a high of $0.1459 and a low of $0.1384 on the last day, indicative of the continued volatility in the meme coin market.
