Dogecoin Whales Spark Excitement with 140M Token Purchase
Dogecoin has captured the spotlight once again, as major investors, known as whales, have intensified their buying activity, acquiring a staggering 140 million DOGE tokens within 24 hours.
This surge in demand has sparked renewed optimism in the crypto market, with many speculating that the meme coin could be on the brink of a significant price rally.
Rising Whale Activity Fuels Dogecoin Hype
On-chain data shows that large-scale Dogecoin investors have significantly increased their holdings, driving market enthusiasm. Crypto analyst Ali Martinez highlighted this buying frenzy, which reflects growing interest in the token amid broader developments in the crypto space.
Adding to the excitement are rumors surrounding Elon Musk’s plans for a cryptocurrency-integrated payment system, X Money. Expected to launch this year, the platform is rumored to function similarly to WeChat and could potentially support cryptocurrencies like Dogecoin, Bitcoin, and stablecoins. While no official announcements have been made, this development has further bolstered confidence in DOGE’s potential.
READ MORE: Trader Turns $2K into $3.2M in Hours with Hyperfy Token Surge
Market Signals Point to Bullish Prospects
At present, Dogecoin is trading at approximately $0.3861, showing a modest 2% gain in the last 24 hours. The token experienced a trading range between $0.3763 and $0.3891, with whale activity contributing to the upward momentum.
Technical analysis suggests the possibility of a 30% price surge, as market indicators reveal that Dogecoin remains undervalued despite its remarkable recovery from September lows. A key metric, the market value-to-relative value z-score, supports this bullish outlook, encouraging traders to keep a close eye on the coin’s performance.
As the market anticipates a continuation of the current upward trend, Dogecoin’s growing popularity and strong market dynamics could pave the way for significant gains, particularly as 2025 approaches.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
