The well-known meme coin Dogecoin (DOGE) is being chased by major investors, who are sometimes called “crypto whales.” In the last 24 hours, these whales have earned 60 million DOGE, which is about $7.3 million at the present exchange rate.
An influential crypto analyst named Ali Martinez first brought this to our attention in a post on the social media site X, where he showed a chart that showed more action from Dogecoin whales.
Dogecoin Whales Bullish
People in the cryptocurrency community are full of guesses because they see this rise in whale behavior as a fight to free Dogecoin. Whales’ large purchases are usually seen as the start of positive momentum, with the goal of making as much money as possible when the meme coin’s price goes up.
The fact that these major investments are being made shows that people believe in Dogecoin’s technology and environment. Whales are betting that new developments, like the ability to use Ordinals markings, will make DOGE’s price go up even more.
Even with all this optimism, Dogecoin is still having a hard time with market instability every day. The price of the coin went up 10% in the last week, but it went down 1.4% in the last 24 hours, and it is now selling at $0.1228.
The most recent whale trades have led to talk about when the next altcoin season might come back. When the market recently got better, DOGE and other altcoins like Ethereum, XRP, and Solana were some of the best performers.
Even though these gains have slowed down, Dogecoin’s return of over 78% so far this year is still very amazing. The price of solana has also gone through the roof, rising to $160.
As reports about a possible DOGE Exchange-Traded Fund (ETF) spread, the market is closely monitoring any new price changes. The crypto community is still on edge, waiting for the next big thing to happen in the world of cryptocurrencies, which is always changing.
