Large investors, often referred to as crypto whales, have drawn their attention toward the popular Dogecoin (DOGE) meme coin. Within the past 24 hours, whales have scooped up 60 million DOGE, valued at approximately $7.3 million, at the current market price.
Dogecoin whales push for liberation
In an earlier post on social media X, Ali Martinez, a well-known crypto analyst, highlighted a chart showing increased activity from Dogecoin whales.
#Dogecoin whales have bought up over 60 million $DOGE in the last 24 hours! pic.twitter.com/53Z9gi0eFt
— Ali (@ali_charts) July 18, 2024
Many community members view this interaction as whales fighting for Dogecoin liberation. Usually, increased activity from whales indicates anticipation of bullish momentum. The whole idea of making this move is to maximize profit when the price of the meme coin eventually goes higher.
In theory, this means that these large investors are confident in the underlying technology or sentiment driving the Dogecoin ecosystem. They hope that ongoing developments, such as integration with Ordinals inscriptions, would stir up further increases in the price of DOGE.
For now, DOGE is still facing increased market volatility on the daily time frame, even though it experienced a surge of 10% in the past seven days. In the last 24 hours, the meme coin’s price declined by 1.4% to trade at $0.1228.
Is altcoin season back?
Meanwhile, the recent Dogecoin whale transaction has ignited discussions on the return of the next altcoin season. These discussions are not out of place because DOGE and other altcoins like Ethereum, XRP and Solana were among the top gainers following the recent market recovery.
While these gains have since dwindled, Dogecoin’s year-to-date return of over 78% speaks well of the meme coin. Solana has also made a comeback, with its price soaring to $160.
As rumors about a likely DOGE Exchange-Traded Fund (ETF) lurk, the market will be watching to see the next impact on prices.