Dogecoin ($DOGE ) is currently battling to maintain support above the $0.40 level, dipping slightly by 2.04% to trade at $0.3973. Despite this temporary bearish movement, whale activity has intensified, as noted by IntoTheBlock (ITB). Over the past 24 hours, large DOGE transactions have spiked by 41.12%, reflecting renewed interest from high-net-worth traders. This surge in activity suggests that DOGE may be poised for a rebound, potentially reclaiming lost ground in the coming days.
Dogecoin Following Familiar Bullish Patterns
Over 60.9 billion DOGE tokens were involved in these high-value transactions, matching a similar figure recorded earlier this week. Historically, such substantial whale activity has preceded significant price rallies. Within the past 24 hours, more than 9,400 large transactions, each exceeding $100,000, were recorded. This high level of participation from major players highlights growing adoption beyond speculative trading.
Supporting this narrative, Dogecoin’s trading volume has remained robust, with over $3.47 billion traded in the last 24 hours, according to CoinMarketCap. This sustained liquidity is helping offset recent losses and signals a potential shift in momentum. As market sentiment improves, DOGE could be gearing up for its next breakout.
Can DOGE Retest Its All-Time High?
While the broader crypto market has faced valuation declines in recent weeks, optimism around Dogecoin’s future remains strong. Many expect DOGE to retest its all-time high (ATH) of $0.7376 during this bull cycle, with long-term aspirations of reaching the $1 mark.
Social media buzz and ongoing mentions of DOGE by influential figures like Elon Musk continue to bolster community sentiment. Additionally, developmental efforts from the Dogecoin Foundation and potential integrations with mainstream products are expected to play a crucial role in driving DOGE’s growth. Achieving these milestones will depend on sustained community support and innovative utility advancements.
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