Surge in Mega Dogecoin Transactions Hints at Building Rally

• Dogecoin whale transactions surged by over 26% in the last 24 hours to $1.19 billion.
• Fewer whales are accumulating but buying larger amounts of DOGE tokens.
• Whale accumulation is seen as a positive sign for price growth in the long run.

A fresh wave of large Dogecoin transactions from whale holders suggests accumulation may be underway ahead of a potential price rally. According to crypto analytics platform IntoTheBlock, these DOGE whales have stepped up their activity over the past day.

Data shows that as of December 23rd, Dogecoin whale volume totaled $939 million. But in the span of 24 hours, that figure has ballooned to over $1.19 billion, representing a 26.19% single-day increase.

Fewer Dogecoin whales and bigger transactions

Alongside the rapid appreciation in trading volume, IntoTheBlock noted an intriguing trend in the actual count of whale transactions. Despite the flood of capital, there were markedly fewer large individual movements this week.

On December 23rd, the analytics platform recorded 1,430 sizeable DOGE transactions. Two days later, that number dropped to just 1,330—a 7% decline over 48 hours.

This suggests major holders are consolidating capital into fewer, higher-value wallet movements. Over the past three months, transactions worth at least $100,000 from these whales have remained fairly steady. This week’s activity marks a change in behavior.

Bullish signals for DOGE?

In the past, periods of increased whale accumulation have preceded positive price momentum for Dogecoin over the long run. The actions of these influential holders can significantly sway supply dynamics.

If fewer mega-holders are taking in more DOGE tokens, it suggests they anticipate appreciation ahead. This also builds up buying pressure as more coins get locked away in their wallets rather than circulating freely.

For context, DOGE is currently exchanging hands around $0.09 after a small pullback this week. However, signs point to building momentum toward a push back into positive territory before 2024 kicks off.