KeyTakeaways:
- Dogecoin price surged 8.09% in 24 hours, driven by whale purchases.
- Trading volume rose to $8.49 billion, showing strong market interest.
- Technical indicators suggest continued bullish momentum for DOGE.
Dogecoin has seen a price and transaction volume surge over the past 24 hours. According to a report from @ali_charts on X, large investors, often called “whales,” have acquired an additional 590 million DOGE.
This accumulation has contributed to a sharp increase in Dogecoin’s price, which rose from $0.23 to over $0.40 between January 20 and January 22, 2025.
According to CoinMarketCap data, Dogecoin opened at $0.3415 on January 22 and reached $0.3662, marking an 8.09% increase within 24 hours. Dogecoin’s market capitalization surged to $54.1 billion, reflecting an 8.10% rise. Trading volume for the day reached $8.49 billion, a 5.98% increase.
The volume-to-market cap ratio stood at 15.64%, indicating a notably active trading environment during this rally.
Additionally, @ali_charts data shows a steady rise in DOGE’s price, with a marked increase in transaction volume.
The price movement seems to align with a broader market trend, and the surge around January 22 could indicate the presence of a potential catalyst, sparking increased activity and interest in the cryptocurrency.
Increased Transaction Volume Indicates Strong Market Sentiment
Data from IntoTheBlock further supports this trend, showcasing an uptick in large transactions throughout 2023 and 2024. The chart reveals that periods of significant transaction volume, particularly in 2017, 2018, and early 2021, coincided with price surges. The rise in both volume and price in late 2021 was closely tied to Dogecoin’s popularity, driven by social media influence and celebrity endorsements.
Source: IntoTheBlock
Similar trends have emerged in recent weeks. Transaction volume and price movements have shown signs of renewed investor interest, suggesting that Dogecoin’s momentum could be sustained if favorable market conditions continue.
Technical Indicators Support Bullish Momentum
Technical analysis of Dogecoin’s recent price action shows promising signs for the cryptocurrency. The MACD is positioned above the signal line, hinting at potential bullish momentum.
Additionally, the RSI remains in neutral territory, balancing buying and selling pressures. However, with the RSI hovering near 47.31, Dogecoin’s price could experience moderate fluctuations before further movement.
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