On Tuesday, Ali, a prominent voice in the crypto community, revealed that whale investors purchased a staggering 270 million Dogecoin DOGE/USD in less than four days.
What Happened: On Christmas Eve, Ali took to X to announce the significant investment in Dogecoin. He said, “Whales bought 270 million #Dogecoin $DOGE in the last 96 hours!”
At the price prevailing at the time of writing, the whale transactions amount to $91.8 million.
This revelation comes amidst a broader rally in altcoins, with Dogecoin gaining over 5% in the last 24 hours. The meme coin’s performance has been linked to similar trends observed in 2017 and 2021 by Ali, suggesting a potential “parabolic rally” in the future.
So far this year, DOGE has shot up a whopping 274% outperforming larger market cap coins such as Bitcoin BTC/USD and Ethereum ETH/USD which gained 132% and 53% in a similar period.
Why It Matters: The cryptocurrency has been buoyant ever since Donald Trump won the 2024 presidential election and announced the appointment of DOGE-bull Elon Musk as co-head of the Department of Government Efficiency — a proposed presidential advisory commission that shares its acronym with the meme coin.
The substantial purchase by whale investors indicates a renewed interest in Dogecoin, despite warnings from traders about the meme coin’s potential to underperform other trending cryptocurrencies.
However, Ali’s post and the subsequent whale activity could be a positive sign for Dogecoin. If history repeats itself, as the analyst suggests, Dogecoin could be in for a significant rally in 2025.
Price Action: At the time of writing Dogecoin rose 4.6% over 24 hours to trade at $0.34, according to data from Benzinga Pro.
Read Next: Analyst Bullish on Shiba Inu, Sees 235% Surge Despite Recent Fall
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
