Dogecoin (DOGE) whales continue to exert influence over the meme coin ecosystem, with substantial transfers shaping broader market trends. According to crypto analytics platform Whale Alert, approximately 550 million DOGE were moved within just 20 minutes. While these transactions aren’t directly connected to specific events, they highlight the significant engagement of major DOGE holders.
Dogecoin Correction in Progress
In early trading, DOGE’s price dropped sharply in what many see as a healthy correction following a recent rally of over 115%. Despite the pullback, the market remains resilient. Notable analysts, including Peter Brandt, express optimism for DOGE’s future, citing historical trends.
Whale Alert reported notable movements, including a transfer of 200 million DOGE—valued at around $77.4 million—between two anonymous wallets. Additionally, two other major transactions of 150 million DOGE (about $58 million) and 200 million DOGE occurred. These whale actions have helped shape DOGE’s price trajectory, with the coin now reclaiming previous highs. At the time of writing, DOGE is trading at $0.4138, up 6.93% over the past 24 hours, establishing the $0.40 level as a key support.
Where Is DOGE Headed?
Speculation abounds about DOGE’s next moves. Its correlation with Bitcoin may further support price increases, especially as Bitcoin recently reached a new all-time high above $91,500. If positive metrics like Open Interest, trading volume, and whale activity persist, DOGE could potentially break past the $0.50 mark, drawing closer to its all-time high of $0.7375.
