Whales of Dogecoin (DOGE) are making an intriguing move that, if it holds, might accelerate the coin’s approaching surge. Data from the cryptocurrency monitoring portal IntoTheBlock (ITB) shows that Dogecoin whale transactions are skyrocketing, having increased by as much as 26.19% in the previous day.
The data indicates that the DOGE whale volume has increased significantly from $939.27 million as of December 23 to $1.19 billion. Over the last several days, an intriguing pattern has emerged as the overall number of whale transactions has not increased as significantly as the volume. According to ITB statistics, there were around 1,430 significant transactions reported as of December 23. By December 25, this number had quickly decreased to 1,330.
A uncommon but encouraging tendency is that the volume went parabolic despite the declining count, indicating that fewer whales are interested in DOGE accumulation. Whales of dogecoin are known to go on unpredictable purchasing sprees. Over the last three months, their purchases of DOGE valued at least $100,000 have stayed largely constant.
In the last days of the year, the total effect might be profound.
Dogecoin price impact
Whales’ accumulation often contributes to price increase by creating a supply shock, which over time affects the underlying digital currency’s overall worth.
Dogecoin is no different, and whale activity is promising that DOGE may print its first positive December close since 2020 despite its vast circulating supply. As of this writing, the currency is trading at $0.09252, a decrease of 0.44% over the previous day.
With a 3% weekly gain and a good chance of continuing this growth with the support of bullish whale transactions, Dogecoin is continuing to shine.
