Dogecoin Whales Ramp Up Activity With 600% Surge In Mega Transactions

Dogecoin (DOGE), the largest meme cryptocurrency by market capitalization, has been making waves in the crypto market after a remarkable 135% price surge last month.

According to a Thursday tweet by crypto analytics firm IntoTheBlock, the number of Dogecoin transactions larger than $1 million increased by more than 600% in the last 30 days, marking the highest number of Dogecoin millionaire transactions since the coin’s peak in May 2021.

Elsewhere, renowned crypto analyst Ali Martinez tweeted that Dogecoin whales have bought 25 million DOGE between Tuesday and Thursday, worth around $3.75 million. This sudden accumulation of Dogecoin by whales suggests that they are bullish on the coin’s prospects and are preparing for a potential price surge.

The latest wave of interest in Dogecoin comes amid Coinbase Derivatives’ announcement of its plans to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash on April 1. This development has sparked excitement among investors, with many seeing it as a sign of Dogecoin’s growing mainstream acceptance.

Commenting on Coinbase’s announcement in a YouTube video on Friday, crypto analyst David Mitchell emphasized that the introduction of Dogecoin futures is a positive development for the community, as it will lead to more guaranteed transactions and increased liquidity. He further expressed optimism that this development will pave the way for Dogecoin’s price growth and potentially make it the first coin to transition from a joke coin to a serious asset.

“The more Doge that is obligated to transact the less Doge that there’s going to be sitting in those institutional wallets and the higher prices that we’re going to be able to attain. So, this is certainly a very good road map to making sure that doge is Growing and the community is growing.” Said Mitchell.

Moreover, Mitchell underscored Dogecoin’s remarkable milestone of surpassing 800,000 new wallets in the first quarter of 2024, portraying it as a positive indicator that could lead to increased market penetration and ultimately result in upward price momentum for Dogecoin.

Elsewhere, analyst “Yomi” noted that Dogecoin is following a macro outlook closely and anticipates significant upward movement in the coming weeks.

“Even I would have expected some deviation by now but nope we even called the 40% drop perfectly. Now the weekly is looking very similar to previous cycles. If all goes well, we should be moving significantly higher within the next few weeks,” wrote the pundit.

Despite a recent pullback since last Friday, DOGE has demonstrated notable resilience over the past three days, rebounding from the $0.13 mark and forming three consecutive bullish candles.

On Friday, it encountered resistance near the yearly high of around $0.1445. A successful breach of this level is anticipated to catalyze a move towards the closely monitored $0.20 threshold, a pivotal point for traders to make significant decisions.

At press time, Doge was trading at $0.1475, reflecting a 4% drop in the past 24 hours.