Dogecoin (DOGE) Whale Activity Signals Bullish Momentum, Token Could Target $1

Over the past 24 hours, Dogecoin [DOGE] has experienced a dramatic 400% surge in whale transactions, coinciding with a notable 18% price increase

Dogecoin [DOGE] has seen a dramatic 400% surge in whale transactions over the past 24 hours, coinciding with a notable 18% price increase over the past week. The sudden rise in whale activity has sparked speculation about a potential bullish run for DOGE.

Whale transactions, defined as large trades exceeding $100,000, are often significant market movers, especially in the cryptocurrency realm. These large trades can influence liquidity, impact price discovery, and drive overall market trends.

According to data from the blockchain intelligence platform, Santiment, small transactions, ranging from $1 to $100, also experienced an uptick. However, the magnitude of the increase is substantially lower at 11%, highlighting the focus on large capital movements.

Whale activity signals bullish momentum

Dogecoin’s recent price surge appears to be driven, at least in part, by this intensified whale activity. Santiment’s data reveals a remarkable 400% increase in large transactions – those above $100,000 – over the past 24 hours, signaling heightened interest from deep-pocketed investors.

Historically, an uptick in whale transactions has been observed as a precursor to bullish trends emerging in the market. These large trades often reflect accumulation phases or strategic positioning by market participants, anticipating further price appreciation.

As whales continue to accumulate Dogecoin, many analysts predict that the token could reach the coveted $1 target. Earlier in the year, DOGE price action suggested an uptrend toward $0.40, followed by a consolidation period.

Now, breaking out from this consolidation phase, DOGE price action signaled a bullish scenario, supported by a gradual increase in trading volumes and liquidity.

The Chaikin Money Flow (CMF) indicator adds to the bullish outlook, as capital inflows are evident with the indicator positioned in positive territory at 0.06. This indicates sustained buying pressure and robust demand in the market.

Moreover, the Relative Strength Index (RSI) remains below overbought levels, suggesting that there is still room for further upside without the immediate risk of a correction. This technical alignment, coupled with strong whale activity, reinforces short-term bullish sentiment.

On the other hand, psychological resistance is encountered by Dogecoin at around $0.40. If breached, the next critical levels to watch for DOGE are $0.50, followed by the highly anticipated $1 milestone.

While the current setup favors bullish scenarios, traders should remain cautious of potential volatility, which could be influenced by宏观经济factors or profit-taking by whales. Short-term price action will likely hinge on sustained volume growth and broader market sentiment.