Dogecoin (DOGE) is currently making waves and setting new records in market activity. Major holders have moved 60.9 billion DOGE in the last 24 hours, indicating the meme coin’s upside potential.

Rising DOGE whale activity

According to IntoTheBlock data, Dogecoin’s large transaction volume increased by 40.1% in the last 24 hours. The large transaction volume during this period was $23 billion or 60.9 billion DOGE.

Related

The increase in whale trading volume shows investors’ growing confidence in the asset. This renewed confidence from whales would help maintain stability and lead to another price boom soon.

According to IntoTheBlock’s definition, large transactions refer to transactions over $100,000. An increase in the metric usually indicates strong buying or selling pressure. Interestingly, this coincides with an outstanding increase in the price of DOGE.

As of this writing, DOGE is trading at $0.4476, up 4.3% in the last 24 hours. This increase pushed the weekly and monthly gains to 5.66% and 137.8%, respectively. The prevailing market trend shows that Dogecoin could soon see a price recovery.

Short-term traders might decide to bet on Dogecoin due to the increased volume. This move could lead to a further increase in market activity and prevent a sharp sell-off that would have caused a price drop.

DOGE is showing signs of a bullish holiday season

Technically, DOGE price recently broke through key resistance levels and showed signs of a possible bullish reversal. Increasing volumes, a traditional sign of continued momentum, support the ongoing price rise.

Related

Furthermore, Dogecoin’s performance in December last decade gives hope for a bullish sentiment this year. For example, DOGE saw an excellent 337.5% increase in December 2017 and a more moderate 32.4% rally in 2020. Last year, the price of DOGE rose moderately by 7.01%. This historic trend now positions DOGE as a cryptocurrency to keep an eye on this holiday season.