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As the new year commenced, anticipation ran high within the digital asset market, and the industry certainly delivered, witnessing numerous tokens hitting yearly highs. Bitcoin notably spearheaded this movement, soaring to a record-breaking $73,000 this month. Amidst the plethora of best-performing assets, meme coins stood out prominently. Discussions surrounding meme coins invariably gravitate towards their progenitor within the subcategory. While the asset endured a challenging week, the surge in Dogecoin (DOGE) whale volume by 96% hints at a possible resurgence in price. Furthermore, there’s potential for it to build upon its recent gains, having surged over 56% since the conclusion of February.

 

 

 

Data from IntoTheBlock highlights a renewed interest among Dogecoin’s largest holders. Whale transactions, defined as trades exceeding $100,000, amounted to a staggering $5.29 billion in the past day alone. The prevailing question revolves around the implications for the asset’s price trajectory. Dogecoin witnessed a surge propelled by comments from Elon Musk, though these figures receded amidst ongoing corrections, underscoring the enduring influence of the “Dogefather” on the asset. This resurgence likely reignited interest among large-scale holders regarding the asset’s performance.

 

 

With the Bitcoin Halving event looming less than a month away, Dogecoin could potentially ride the wave of industry-wide momentum. However, the key lies in translating heightened whale interest into tangible price impacts in the coming weeks. Only time will reveal whether this materializes.

 

 

 

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