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Dogecoin (DOGE) price regained the $0.068 zone on Tuesday with a weekly increase of 20%. Experts discussed how the rising whale demand could impact the future price movement of the cryptocurrency.
DOGE Falls Behind its Competitors
After dropping to its lowest level of $0.057 on October 14, Dogecoin fell behind Solana before whale investors took action to prevent historical losses. Will the ongoing DOGE price recovery process take it to new dimensions?
Between October 14 and October 23, Dogecoin saw a 20% improvement in its price. On-chain data reveals that renewed whale interest in the largest meme coin by market cap is a significant factor.
Furthermore, while the DOGE price weakened at its lowest level, Dogecoin recorded a low whale transaction of 599 on October 15. However, since then, whales have been making purchases to prevent further losses.
On October 24, Dogecoin witnessed 1,420 whale transactions, the highest figure since July 25. The whale transaction metric can indicate the total number of daily transactions exceeding $100,000. The increase in whale transactions is considered a bullish signal due to various reasons.
Critical Indicator for DOGE
Firstly, it indicates an increased interest in whale investors’ purchases, boosting individual investors’ confidence. Moreover, the liquidity provided by these large transactions can allow investors to carry out their transactions more efficiently and at favorable prices.
During this period, Dogecoin’s price rapidly recovered by 20%. However, it is still uncertain whether whales will solidify their positions or continue to push for further gains. Additionally, Dogecoin is currently trading at a 60-day price high, and a critical indicator on the chain may suggest that holders may still strive for more profits.
As an indicator, the latest data obtained from the order books of 10 crypto exchanges, including Binance and Coinbase, can indicate that there is still high demand for DOGE in the market despite the current high prices. Investors have placed active orders to buy 782 million DOGE, while there are only active sell orders for 740 million DOGE.
