IntoTheBlock data reveals a jaw-dropping 40.1% increase in Dogecoin large transaction volume over the past 24 hours. These transactions, valued at a whopping $23 billion or 60.9 billion DOGE, showcase the renewed confidence of whales in the meme coin.
What Do Whale Transactions Mean for Dogecoin?
Large transactions, defined as those exceeding $100,000, often indicate significant buying or selling pressure. The recent surge in Dogecoin’s large transaction volume, coupled with its price increase, suggests a bullish sentiment among investors. This could lead to increased stability and potentially even higher price levels.
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Dogecoin’s Price Soars: A Bullish Holiday Season Ahead?
As of writing, DOGE is trading at $0.4476, up 4.3% in the last 24 hours. This surge has propelled its weekly and monthly gains to 5.66% and 137.8%, respectively.
Technical analysis indicates that Dogecoin has broken through key resistance levels and is showing signs of a potential bullish reversal. Rising trading volumes, a classic indicator of sustained momentum, further support the ongoing price surge.
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Looking back at Dogecoin’s December performance over the past decade, there’s reason for optimism. In 2017, DOGE experienced an astonishing 337.5% gain in December, followed by a more moderate rally of 32.4% in 2020. Last year, DOGE’s price grew by 7.01%. This historical trend positions Dogecoin as a cryptocurrency to watch closely this holiday season.
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The Verdict: Dogecoin’s Bullish Momentum Continues
With large transactions on the rise, a strong price performance, and a promising historical trend, Dogecoin is poised for a bullish holiday season. Short-term traders may find an opportunity to capitalize on the increased volume and potential price surge. However, it’s important to exercise caution and conduct thorough research before making any investment decisions.
