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Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally

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Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally

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  • Dogecoin recently saw an increase in whale transactions.
  • The dog-themed token has also recently seen a spike in its daily active addresses.

Whale activity has increased for Dogecoin [DOGE], which is also the ninth-largest cryptocurrency by market capitalization, according to CoinMarketCap. Whales’ action boosted the token price and impacted some other indicators as well.

Read Dogecoin’s [DOGE] Price Prediction 2023-24

Whales taking DOGE for a swim

According to Santiment on 31 January, the transaction count for whales rose.

Addresses involved in the whales’ transactions exchanged more than $100,000 worth of DOGE tokens. As of this writing, there were over 70 trades for more than $100,000. However, the previous day saw about 300 whale transactions – a record-high number.

The fact that whales moved this much for the first time in over a month—aside from one day in December—made these trades noteworthy.

Dogecoin whales

Source: Santiment

Why have the whales suddenly come out to play?

Possible reasons for increased whale activity

If previous AMB Crypto reports are any indication, there may be a rationale behind these massive exchanges. Reportedly, Twitter has already started seeking regulatory licenses across the United States and creating the software needed to implement payments across the social media network.

It was mentioned in the report that fiat would be used first and that cryptocurrency integration would come later. The positive outlook of the Dogecoin community has been boosted, which may have influenced whales’ behavior. 

Daily Active Address spikes as price see a slight drop

The Daily Active Address was another indicator that brought attention to the Dogecoin network. According to statistics provided by Santiment, the metric had seen an increase in the preceding 48 hours, bringing it up to the same level as it had been in November, which was its previous high point.

As of this writing, the figure had surpassed 44,000, with more than 91,000 active addresses recorded the day before.

Dogecoin (DOGE) active addresses

Source: Santiment

When viewed on a daily timeline, the price of Dogecoin was found to be fluctuating around $0.09. The previous appearance of the price range was in December 2022.

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In addition, its value had decreased by about 4% during the trading time, which was observed after having increased by more than 8% during the previous trading period.

Dogecoin (DOGE) price move

Source: Trading View

The Relative Strength Index shows that despite its surge, which has seen a 40% gain since December, Dogecoin has never crossed into the oversold region (RSI). An examination of the RSI revealed that DOGE was in a bull run due to the recent rally. However, it remained below the oversold line, suggesting that a price correction may not be on the horizon.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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