Dogecoin has witnessed an explosive increase in the number of large transactions, ahead of Ethereum. This provides a bullish outlook for the foremost meme coin as it suggests that Whales are actively accumulating DOGE. 

Dogecoin Sees 41% Surge In Large Transactions

IntoTheBlock data shows that Dogecoin has witnessed a 41% surge in large transactions, with $23.35 billion traded in the last 24 hours. This puts Dogecoin ahead of Ethereum, which recorded a drop in large transactions, with $7.05 billion traded during this period. This development presents a bullish outlook for DOGE.

A surge in large transactions is typically bullish as it suggests that Whales are actively accumulating the crypto in question. This accumulation trend could lead to a Dogecoin price surge, considering the impact that these investors have on the market. Crypto analyst Ali Martinez also confirmed that Whales are actively accumulating DOGE. 

In an X post, Martinez stated Whales bought over 300 million DOGE in 24 hours. It is worth mentioning that the analyst had already provided a bullish outlook for Dogecoin, predicting that the foremost meme coin could rally by another 6,770% if it continues to follow the ascending parallel channel pattern. 

The analyst’s accompanying chart showed that the Dogecoin price could rally to around $2.5 if the meme coin reaches the middle of this ascending channel. Meanwhile, DOGE could rally to as high as $29 if it reaches the top of this ascending channel. Crypto analyst Trader Tardigrade

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Author: Scott Matherson