Dogecoin whales bought a staggering $3.75 million worth of DOGE in 72 hours.
Large transactions on Dogecoin spiked 600% in a month, and daily active addresses are up 13.5%.
Dogecoin is up 92% in a month, with futures contracts set to launch on Coinbase Derivatives on April 1st.
Analysts are bullish on Dogecoin, with a potential 600% price increase, but correlation to Bitcoin is a concern.
Dogecoin made the news this week, after rallying by as much as 7% in 24 hours.
Considering how the rest of the market was in a consolidation at the time, this is a notable feat on Dogecoin's part.
This uptick was driven by a massive surge in whale activity, generally positive sentiment from traders, and a major announcement from Coinbase.
According to a recent post on X from trader and analyst, Ali Martinez, the Dogecoin whales have been on some high-grade steroids over the last three days, and have been raking in massive amounts of the memecoin.
Ali reported that over the last three days, these whales have bought a staggering 25 million $DOGE in the last 72 hours, with the value of this stash amounting to about $3.75 million.
Whales on a buying spree
This is one of the biggest indicators that these whales —whomever they may be, know something we don’t.
This is without mentioning that this buying spree on their part comes on the heels of a staggering spike in transactions worth more than $1 million.
In total, data from IntoTheBlock shows that the number of these transactions has spiked by around 600% over the past month.
Moreover, the volume of said large transactions has also surged by around 92.8% to about $5.29 billion with the number of daily active addresses increasing by 13.5% to around199,190.
It turns out that Dogecoin’s recent 6% gain is just the tip of the iceberg.
According to data from Coingecko, the recent rally on the memecoin is only one cog in an entire clock.
Dogecoin, according to Coingecko, has been up by around 92% over the last month. Moreover, to add to the excitement around the memecoin, Coinbase Derivatives also recently announced plans to launch cash-settled futures contracts for Dogecoin.
Per the announcement, these futures contracts will be priced at $0.15, alongside Litecoin and Bitcoin Cash, with the anticipated launch date set for 1 April.
There might be some good, and "not so good" news with Dogecoin when Bitcoin enters the equation though.
According to renowned analyst, DonAlt, who correctly predicted the 2022 crypto bottom, Dogecoin is strongly bullish.
In a recent YouTube video, the analyst expressed optimism for the memecoin, stating that Dogecoin hitting $1 "Isn't so far-fetched".
Keep in mind that this outlook from the analyst puts Dogecoin in the right position for nearly a 600% price increase from current levels.
However, when we compare the price actions of Dogecoin and Bitcoin, Dogecoin’s correlation to the flagship cryptocurrency is almost too strong (currently at around 96%).
Considering how Bitcoin declined from its new $73,000 all-time high earlier this month, we are still in a major uptrend.
This puts in a good word for Dogecoin as well.
However, DonAlt warns that if Bitcoin loses its footing around the $60,000 support level, we might decline further by another -22%, which will leave Bitcoin somewhere around $52,000.
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