The Dogecoin (DOGE) price is up 20% over the last 10 days as the pioneer memecoin community prepared the 2023 “DOGE Day” – the commemoration of the birthday of “Kabosu,” the dog who inspired the original “doge” meme. Historical data trends suggest that DOGE prices could make another leg-up in the days ahead. 

The Dogecoin ecosystem is agog as the community celebrates the birthday of “Kabosu,” the Japanese dog who inspired the original “doge” meme. Here’s how Dogecoin price could react.

Whales Increased Their Trading Activity During 2022 DOGE Day Celebrations

Historical data trends show that the Dogecoin whales dialed up their trading activity in the build-up to the last Doge Day celebration in 2022. On-chain data tracker IntoTheBlock reports that DOGE Whale transactions increased from 711 to 3,170 transactions between October 24 to November 1.

This represents a 445% increase in whales’ trading activity during that period. 

Interestingly, a similar trend has also emerged ahead of the 2023 DOGE day. Between October 24 and November 1, large transactions increased from 790 transactions to 1,090.

Whale Transaction Count is the daily aggregate of the number of unique transactions exceeding $100,000. Intuitively, an increase in whale transactions is a bullish indicator, signaling increased demand from high-networth investors. 

Notably, the 2022 DOGE Day celebration ushered in a 100% price bounce from $0.060 to $0.12. If history repeats, DOGE holders can anticipate more upside in the days ahead.