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

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.

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Whales taking DOGE for a swim

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

🐶 #Dogecoin has broken out with major whale transactions today, easily the highest of the year, going along with address activity spiking. The polarizing coin is up +40% since December 29th, and is back above $0.095 for the first time since December 10th. https://t.co/NjeLyhFKe2 pic.twitter.com/AWEOtqD1ax

— Santiment (@santimentfeed) January 31, 2023

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.

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.