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Reading: Institutional Investors Target This Altcoin: 1 Billion Coins Bought!
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Deythere > News > News > Institutional Investors Target This Altcoin: 1 Billion Coins Bought!
News

Institutional Investors Target This Altcoin: 1 Billion Coins Bought!

institutional interest in Dogecoin DOGE with visual elements representing large transactions and whale activity. The image
Benedikt Krüger
Last updated: October 8, 2024 11:46 am
By
Benedikt Krüger
Published October 8, 2024
2 Min Read
Share

Dogecoin (DOGE) is seeing a surge in network activity, with users noticing a sharp increase in large transactions. Popular on-chain strategist Ali Martinez shared on X with his 73,400 followers that this uptick may be driven by institutional investors.

Contents
  • Surge in Network Activity
  • Massive Investments by Whales
  • Market Expectations

Surge in Network Activity

Martinez highlighted that the number of large transactions on the Dogecoin network has been steadily increasing, suggesting that institutional players and DOGE whales may be positioning themselves for a potential rally.

Massive Investments by Whales

Over the past week, crypto whales have purchased more than $100 million worth of DOGE in a single day. Martinez noted that this could be a positive indicator for Dogecoin’s future performance.

institutional investors focus on Dogecoin DOGE. The Dogecoin logo is prominently displayed alongside symbols repr

Market Expectations

Martinez believes that Dogecoin could replicate its massive rallies seen in 2017 and 2020, potentially breaking its all-time high of $0.7316 and even surpassing the $2 mark. He added, “Dogecoin whales have purchased over 1 billion DOGE, totaling around $108.7 million in 24 hours!”

At the time of writing, Dogecoin is trading at $0.113, having seen a 2% increase in the last 24 hours.

Martinez suggested that DOGE could break out of its multi-year descending triangle formation, leading to a 200% surge, followed by a 60% pullback, and then a bull run. After a recent 65% drop, DOGE could be on the verge of its next major rally.

With the growing transaction volume on Dogecoin’s network and whales making significant purchases, there’s growing optimism for a future price surge. Investors are closely watching to see if this trend will continue.

For more updates on Dogecoin and the broader crypto market, visit Dey There.

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ByBenedikt Krüger
Benedikt Krüger is a seasoned blockchain developer and cryptocurrency analyst with 10 years of experience in the field. Starting his career in software development, Benedikt quickly transitioned into blockchain technology, where he has worked on several pioneering projects, including the development of secure blockchain networks and decentralized platforms. His expertise includes blockchain security, cryptographic protocols, and the technical underpinnings of cryptocurrency systems. At DT NEWS, Benedikt provides readers with in-depth technical analysis and expert commentary on the latest trends in the blockchain and cryptocurrency industries, ensuring they stay ahead of the curve in this fast-paced sector.
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