Amid the wave of optimism sweeping the cryptocurrency market, Dogecoin has once again taken center stage thanks to notable movements from the "whales," who are the major investors holding large stakes in the currency. These movements have bolstered confidence in Dogecoin's ability to continue rising in the coming period, especially with the widespread activity it is experiencing.
Analyst Ali Martinez explained that the currency has witnessed exceptional activity over the past 24 hours, as major holders bought more than 230 million Dogecoins, reflecting their belief in the potential for significant gains. This comes after a record purchase on August 6, when whales amassed over a billion Dogecoins in one day, one of the largest aggregation events in the currency's history.
Martinez pointed out that Dogecoin is currently moving within what is known as the "strong buying zone," which is the same area from which significant upward waves previously emerged, reinforcing expectations for the market to enter a new bullish phase. With the continued movements of the whales and increased demand, the chances of notable price jumps in the near term are growing.
The general recovery in the cryptocurrency market, coupled with positive momentum, gives Dogecoin an additional advantage compared to competing currencies, as many investors see the current prices as a perfect opportunity to enter before any potential sharp rises.
In terms of trading, Dogecoin rose by 6.14% in the past 24 hours to record about $0.2270, ranking eighth globally among the most valuable cryptocurrencies by market capitalization, according to data from CoinMarketCap.
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