Dogecoin whales have again echoed a frenzy across the broader crypto landscape on Monday, embarking upon a buying spree. Recent on-chain data indicated that large investors have accumulated 140M DOGE, bringing heightened buying pressure to the asset. As a result, traders and investors are now anticipating phenomenal gains in the dog-themed meme coin’s price shortly ahead.
Dogecoin Whales Buy 140M Tokens Sparking Market Optimism
According to a recent X post by the top crypto market analyst Ali Martinez, Dogecoin whales bought 140 million coins in the last 24 hours. The massive buying, indicating rising market interest in the asset, has ignited an optimistic torrent amid the crypto’s broader developments.
Source: Ali Martinez, X
Notably, DOGE has emerged as the talk of the crypto town lately, primarily as Elon Musk’s X payment launch has fueled speculations of a price rally. X Money, set to be introduced this year, aims to offer services related to cryptocurrency support, mirroring China’s WeChat. Although there are no official comments on the matter yet, market participants anticipate Bitcoin, Dogecoin, and stablecoins like Tether’s USDT could play a vital role in the launch.
Altogether, the DOGE whales’ massive buying amid this event has sparked significant investor enthusiasm. Meanwhile, strong market dynamics have further paved a bullish road for the top dog-themed meme cryptocurrency.
30% Gains For DOGE Looms?
At press time, DOGE price jumped roughly 2% intraday and is currently trading at $0.3861. The coin’s 24-hour low and high were $0.3763 and $0.3891, respectively. Notably, the top meme coin soars after volatile trading in the early hours today, reflecting the massive buying pressure of the Dogecoin whales.
Moreover, a recent DOGE price analysis by CoinGape revealed that 30% gains for the token loom against the backdrop of strong market technicals. Particularly, the market value to relative value z-score indicator indicates that the value of DOGE is still cheap despite surging by 365% from its bottom in September. Overall, the abovementioned stats have urged market participants to optimistically monitor the meme coin amid speculations of a bull cycle continuation in 2025.
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