On Tuesday, Ali, a prominent voice in the crypto community, revealed that whale investors purchased a staggering 270 million Dogecoin (CRYPTO: DOGE) in less than four days.
What Happened: On Christmas Eve, Ali took to X to announce the significant investment in Dogecoin. He said, "Whales bought 270 million #Dogecoin $DOGE in the last 96 hours!"
Whales bought 270 million #Dogecoin $DOGE in the last 96 hours! pic.twitter.com/b86lCyGDsr
— Ali (@ali_charts) December 24, 2024
At the price prevailing at the time of writing, the whale transactions amount to $91.8 million.
This revelation comes amidst a broader rally in altcoins, with Dogecoin gaining over 5% in the last 24 hours. The meme coin's performance has been linked to similar trends observed in 2017 and 2021 by Ali, suggesting a potential "parabolic rally" in the future.
So far this year, DOGE has shot up a whopping 274% outperforming larger market cap coins such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) which gained 132% and 53% in a similar period.
Why It Matters: The cryptocurrency has been buoyant ever since Donald Trump won the 2024 presidential election and announced the appointment of DOGE-bull Elon Musk as co-head of the Department of Government Efficiency — a proposed presidential advisory commission that shares its acronym with the meme coin.
The substantial purchase by whale investors indicates a renewed interest in Dogecoin, despite warnings from traders about the meme coin's potential to underperform other trending cryptocurrencies.
However, Ali's post and the subsequent whale activity could be a positive sign for Dogecoin. If history repeats itself, as the analyst suggests, Dogecoin could be in for a significant rally in 2025.
Price Action: At the time of writing Dogecoin rose 4.6% over 24 hours to trade at $0.34, according to data from Benzinga Pro.
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal