Dogecoin (DOGE) has experienced a strong increase in electoral activitywith large-scale investors buying huge amounts of tokens in the last 24 hours. This increase in buying activity comes as Dogecoin price gearing up for a potential rally and offering a discount to whales who may believe the meme coin is currently undervalued.
Dogecoin Voting Activity Soars 400%
During the past day, election transactions involving Dogecoin increased by a staggering 400%. This increase, reported by Santiment, indicates that the number of significant transactions, exceeding $100,000 and affecting millions of DOGE tokens, has skyrocketed compared to normal levels.
Notably, the sudden surge in Dogecoin’s election activity was led by big players hoarding DOGE at what they believe is a discounted price. IntoTheBlock has also shared a similar one Reportwhich highlights a massive increase in DOGE’s large transaction volume. According to the analytics platform, Dogecoin’s large transaction volume rose to over $60.9 billion in the past 24 hours. This substantial increase indicates growing interest and activity among high net worth institutional investors.
Cryptoanalyst Ali Martinez recently revealed in an X (formerly Twitter) post that whales bought about 140 million DOGE tokens on the last day. The analyst shared a Santiment chart showing the increase in election activity of holders with balances between 1,000,000 and 100,000,000. The trend in the chart indicates an upswing Dogecoin election holdingswhich especially leading into January correlates with an increase in the meme coin’s price.
With Dogecoin currently trading at $0.39, many whales may see this price as one discount opportunity to accumulate tokens before a major eruption. Usually, an increase in election activity often precedes a cryptocurrency’s price increase, as these large-scale investors are known to influence market trends because of their significant holdings and influence.
Over the past few weeks, Dogecoin whales have been on a roll massive buying spreebuy large amounts of DOGE tokens at a lower price. In the last four days, whales have purchased over 1.08 billion DOGE tokens, signaling increased confidence in the meme coin’s future potential. Moreover, as DOGE is currently showing renewed strength and signs of recoverymany analysts believe that a price rally may be imminent.
DOGE To retest $0.41 to claim new ATH
Among the notable Dogecoin price predictions, a cryptoanalyst identified as “The Cryptomist” on X predicted that the meme coin could reach a new all-time high above the $0.75 mark. The crypto analyst highlights that Dogecoin is steadily approaching a critical resistance level of $0.41, which, if broken, could trigger significant upward momentum.
The market expert has predicted that Dogecoin may undergo a trend retest around the $0.41 resistance line to claim a new ATH. Based on the analyst’s price chart, a support zone at $0.3 has been established to help stabilize DOGE’s price during a potential pullback.
Featured image created with Dall.E, charts from Tradingview.com
