Dogecoin (DOGE) has resurfaced in the news, showing exorbitant action in the market. According to new information, whale transactions on the memecoin have increased dramatically.
The frequency of high-value transactions on the Dogecoin network has exploded since April 25, according to market analyst Ali Martinez. There were 2400 transactions with a total value of $100,000 or more. He said that the metric has reached a four-month high.
Martinez remarked that these trades on the DOGE market were a proxy for whales, implying that the meme coin could be on the verge of a major rise.
“The number of large transactions on the $DOGE network with a value greater than $100,000 just reached a four-month high at 2,400 transactions. Such market behavior can act as a proxy for whales’ activity, suggesting how they may be positioning for a big price move,”
Meanwhile, the dog-themed coin has already experienced a spike, fueled by Elon Musk‘s recent takeover of the social media giant Twitter. Following news that Twitter had accepted Musk’s $44 billion offer, the price of DOGE skyrocketed, re-entering the top ten cryptocurrencies by market capitalization.
Musk, a long-time supporter of DOGE, recently shared his thoughts on what the blockchain needs to become more useful. He is apparently unconcerned about Dogecoin’s association with “web 3.”
Elon Musk’s influence on the price of DOGE isn’t new, but it appears to be a big motivator for market optimism.
For one thing, Musk has previously hinted at the possibility of DOGE being integrated into Twitter, and his successful acquisition may quickly bring this to fruition.
This hope, according to Martinez, appears to be the driving force behind the DOGE flight. He stated that, based on technicals, DOGE appeared to be on its way to new highs. Martinez, on the other hand, believes that the optimistic perspective would be verified only if the price remains over $0.13.
DOGE is selling at roughly $0.137 at the time of writing, down 1.5% in the last 24 hours.
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