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Dogecoin (DOGE) whales are making an interesting play that, if sustained, might boost the coin’s impending rally. According to data from crypto analytics platform IntoTheBlock (ITB), Dogecoin whale transactions are going through the roof after jumping as much as 26.19% in the past 24 hours.
Per the data, the DOGE whale volume now comes in at $1.19 billion, marking a significant push from the $939.27 million recorded as of Dec. 23. An interesting trend became visible in the past few days as the total whale transactions failed to grow as remarkably as the volume. The ITB data shows that as of Dec. 23, about 1,430 large transactions were recorded, and this figure promptly dropped to 1,330 as by Dec. 25.
Despite reducing count, the volume went parabolic, showing that fewer whales are interested in DOGE accumulation, a rare but promising trend. Dogecoin whales are known to exhibit a buying spree that is hard to determine. Their actions in buying DOGE worth at least $100,000 have remained fairly consistent over the past three months.
The overall impact might be resounding in the few days left before the year ends.
Dogecoin price impact
Generally, accumulation by whales aids price growth as a supply shock is created, which generally weighs in on the overall valuation of the underlying digital currency in the long term.
Dogecoin is no exception, and despite its massive circulating supply, whale action is lending a promise that DOGE may print its first positive December close since 2020. At the time of writing, the coin is changing hands at $0.09252, down by 0.44% in the past 24 hours.
On the weekly front, Dogecoin is maintaining its luster with a 3% surge and a strong likelihood of maintaining this growth with the backing of bullish whale transactions.