Dogecoin (DOGE) Network Activity Surges as Whales Position Themselves for a Potential Rally

Dogecoin (DOGE) is seeing a surge in network activity, with users noticing a sharp increase in large transactions.

Dogecoin (CRYPTO: DOGE) is seeing a surge in network activity, with users noticing a sharp increase in large transactions.

Now, a new report suggests that institutional investors may be driving this uptick in large transactions on the Dogecoin network.

On Thursday evening, popular on-chain strategist Ali Martinez shared the latest update on X with his 73,400 followers.

In the update, he highlighted the increasing number of large transactions on the Dogecoin network, suggesting that institutional players and DOGE whales are preparing for a potential rally.

“Dogecoin institutional footprint is increasing rapidly. Notice the sharp uptick in large transactions on the network.”

Institutions Play Key Role In Crypto Markets

Institutions have become increasingly active in the cryptocurrency markets over the past few years, driven by the maturing digital asset landscape and promising returns.

As high-net-worth individuals and large funds enter the market, they typically execute large transactions, which can have a noticeable impact on the network activity of specific cryptocurrencies like Dogecoin.

Whales Boosting DOGE Holdings

Over the past week, crypto whales have been noticed making large purchases of DOGE, sometimes exceeding $100 million in a single day.

On-chain data platform WhaleStats reported on Wednesday that Dogecoin whales have purchased over 1 billion DOGE, totaling around $108.7 million in 24 hours!

According to WhaleStats, a crypto whale recently acquired 240,953,234 DOGE ($25,089,843) in a single transaction.

This bulk purchase has significantly contributed to the total accumulation of Dogecoin by large investors.

As of Thursday morning, DOGE ranks as the 21st largest coin by market cap, priced at $11.2 billion and seeing a 2% increase in the last 24 hours of trading at $0.113.

Dogecoin’s recent price action has shown a 65% drop from its 2023 peak at $0.15.

After recently breaking out of a multi-year descending triangle formation on the daily chart, DOGE price surged 200%, followed by a 60% pullback and another bull run.

With this pattern in mind, DOGE could be due for another large rally.

For more updates on Dogecoin and the broader crypto market, visit Dey There.

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