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14 May | Other

41% surge in whale activity boosts Dogecoin market optimism

DOGEUSD
41% surge in whale activity boosts Dogecoin market optimism

IntoTheBlock data shows a 41% surge in large Dogecoin transactions over the past day, signaling renewed institutional interest in the cryptocurrency.

Meanwhile, active addresses jumped by 35%, reflecting growing interest from both retail traders and professional market players.

According to Coinglass data, over 75% of Binance traders went long on DOGE this Wednesday. The surge in activity among large holders, combined with the dominance of long positions, is fueling expectations of a potential trend reversal.

Despite these bullish signals, DOGE’s price dropped by 8.4%, while trading volume fell by 10%. This could suggest traders are taking a wait-and-see approach for now.

Analysts believe Dogecoin may resume its upward trajectory once trading volume recovers, Coinotag notes.

Elena Dorokhina MarketCheese

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