'Massive Amount Of Older DOGE Moving': Dogecoin Whales Awaken As 1M+ Wallets Keep Growing

A crypto analytical firm has reported a shift involving dormant Dogecoin DOGE/USD tokens, which are seeing the light of day after a lengthy period of inactivity. 

What Happened: The shift in Dogecoin’s landscape comes as data reveals an expansion in the number of large-scale DOGE investors or ‘whales,’ with the addition of 121 new wallets holding over 1 million Dogecoin each in just the past month.

“There has been a massive amount of older DOGE moving out of stagnant wallets today,” noted Santiment, an analytical firm.

The analytical firm evaluates this as “a sign of big money interest"

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Earlier this week, Crypto trader and analyst Tony "The Bull " identified a technical signal in Dogecoin's  price activity that may suggest an upcoming rally for the meme cryptocurrency.

The analyst observed that DOGE reached the one-month Parabolic Stop and Reverse (SAR) indicator—a pattern which, according to him, preceded a 23,000% rally in the past.

Tony "The Bull" took to X, saying, "This dog is ready to bite. #Dogecoin tags 1M Parabolic SAR. The last signal produced a DOGE 23,000% rally."

Price Action: At the time of writing, DOGE  was trading at $0.075 up 2.11% in the last 24 hours according to Benzinga Pro.

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