It looks like the meme coin market was seeing notable activity. Dogecoin (DOGE) saw a major uptick in terms of whale activity. The surge in whale activity indicates that big investors are entering the market, which might lead to more volatility. It should be noted that whale transaction volumes often peak before possible big price moves. Whales often follow through on their large movements on DOGE, and the market does, too.
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According to prominent analyst Ali Martinez, Dogecoin whales went shopping over the past two days. The expert revealed that these whales purchased more than 1.40 billion DOGE tokens within a span of 48 hours. It should be noted that this was worth 140 million.
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How is Dogecoin Faring?
Whales often make big purchases when the price of an asset dips. On the contrary, DOGE was seen enjoying an uptick. Over the past week alone, the asset has surged by nearly 10%. At press time, the meme coin was trading at $0.114 with a 5% increase within a span of 24 hours.
It seems like Dogecoin whales were prepping for something big. While the market is betting on a potential spike to 20 cents, DOGE has other plans. According to data from Changelly, DOGE will most likely witness a downfall. The OG meme coin will be spending the last couple of days of September on a rather sad note. The asset will dip by around 1.42% to a low of $0.108089.
It seems like DOGE investors will have to wait longer to reap the benefits of the meme coin.
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