Dogecoin Gains 25%, Closes in on New ATH as Whales Accumulate
Long-Term Holders Accumulate Dogecoin Causing Exchange Outflows to Spike as Strong Rally Sparks Predictions for a New All-Time High
Dogecoin has surged by 25% over the last 24 hours, marking its strongest rally since October 2021, following the just concluded 2024 U.S. Presidential election that saw Trump win.
The memecoin has re-entered the spotlight with its price now closing in on a potential new all-time high as both retail investors and whales fuel the latest run.
With increased holdings, Dogecoin’s trajectory has taken a bullish turn, bringing back interest in the memecoin market.
Retail Investors and Whales Show Renewed Interest
In recent weeks, Dogecoin’s retail and whale wallets have seen a significant boost following a period of decline.
Data from Santiment, a market analysis platform, shows nearly 74,885 new wallets holding less than 100,000 DOGE were added in the past month alone. While these smaller investors have increased, some larger investors, otherwise known as “whales”, initially exited the market.
However, despite a decrease of 350 high-value accounts, 108 whale wallets have re-entered, pushing Dogecoin’s price above $0.40 for the first time in three years.
According to data from Coingecko, Dogecoin is currently trading at $0.37, rising by 17.6% today.
Outflows Signal Long-Term Accumulation
A separate analysis by IntoTheBlock shows a sharp increase in Dogecoin moving off exchanges, a trend often associated with accumulation by long-term holders.
Over the last 24 hours, Dogecoin’s exchange outflows surged by 157.64%, with more DOGE flowing into private wallets. In similar pattern, weekly outflows have risen by 434.51%, while the past 30 days recorded a massive 1,820.58% increase in outflows.
This level of movement suggests growing interest among long-term investors who see Dogecoin as an asset to hold and indicates confidence in its future price trajectory.
Will Dogecoin Cross the $1 Mark?
With Dogecoin maintaining its bullish momentum for four consecutive days, traders and speculators are predicting the memecoin to break the $1 mark.
In the past 24 hours, Dogecoin has become the fourth most-traded cryptocurrency, with a trading volume of $18.1 billion underscoring Dogecoin’s relevance as the market’s largest memecoin.
The coin’s rally has also led to a return of over 150% for investors in the past week alone, and nearly tripled in value over the past month. Dogecoin’s performance continues to surpass other top 100 cryptocurrencies, re-establishing its position as an asset to watch in the current market.
