Amid a growing recovery sentiment in the cryptocurrency market, Dogecoin (DOGE) is catching attention with a surge in whale activity, fueling optimism for a possible bullish breakout. On January 17, market data revealed that approximately 600 million DOGE were moved between unknown wallets, with over 200 million tokens bought by whales via exchanges in a single day. This surge in whale activity has left traders and investors eagerly speculating that DOGE could soon experience a significant price jump.
Whale Activity Sparks Market Buzz
According to Whale Alert on X, two major Dogecoin whales executed transactions worth a combined $231.5 million, transferring 600 million DOGE between wallets. The addresses involved, D78RZmm… and DQhgaR…, are reportedly holding substantial amounts of the meme cryptocurrency, leading to increased attention from the community. Additionally, renowned crypto analyst Ali Martinez shared that whales bought over 200 million DOGE in just 24 hours, further contributing to the growing bullish sentiment surrounding the asset.
This surge in whale activity, combined with increased buying pressure, has fueled market confidence in Dogecoin’s future price movements. Investors are optimistic about a potential breakout, with some even speculating that DOGE could target $3 in the near future.
Elon Musk and Pro-Crypto Sentiment Bolster DOGE’s Outlook
Elon Musk’s continued involvement in the DOGE ecosystem, particularly through his D.O.G.E. project, has been a significant factor in boosting Dogecoin’s market sentiment. With former President Donald Trump set to take office again on January 20, many believe a pro-crypto wave could follow, adding another layer of optimism for the meme coin’s performance.
DOGE Price Outlook: Is a Breakout Imminent?
At the time of writing, DOGE has seen a nearly 6% price increase, trading at $0.4003. With its intraday low at $0.3685 and high at $0.3957, the price is holding steady, making it a focal point for traders. Crypto analyst Ali Martinez predicts that DOGE could see its next price upswing as soon as next week, especially if it can sustain above the $0.40 level. If successful, DOGE could reach its 2024 high of $0.4837, sparking even greater enthusiasm among investors.
As whale activity continues to rise and broader market trends unfold, Dogecoin’s future price movements remain one to watch closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin Mania Returns? How Trump and Musk Could Propel DOGE to a New All-Time High
About The Author
