Dogecoin, currently the eighth-largest cryptocurrency, has witnessed a significant surge in whale activity, with over 150 high-value transactions exceeding $1 million reported in the last 24 hours. This recent uptick in large transactions indicates that major holders are either accumulating more DOGE or strategically moving substantial amounts of the cryptocurrency.

The rise in large transactions could be attributed to increasing institutional interest in cryptocurrencies, including Dogecoin. Institutions entering the market often bring substantial capital, leading to large transaction volumes. Whales might be positioning themselves for anticipated price movements, either upward or downward, based on market analysis or news.

Crypto analyst Ali confirmed the rise in Dogecoin whale activity, citing data from Santiment. The surge in large transactions is a testament to the growing popularity of Dogecoin among institutional investors. As institutions enter the market, they often bring substantial capital, leading to large transaction volumes.

Dogecoin has remained above the 50-day SMA of $0.1547 since late May, indicating strong demand near this level. If this trend continues, Dogecoin may surpass the short-term barrier of $0.174, a crucial mark to monitor. If buyers break through this barrier, Dogecoin might rise to $0.21, and then to $0.23. Conversely, if the price falls from the present level or the daily SMA 50, it may induce short-term selling. A breach below the 50-day SMA might reverse the short-term trend, sending Dogecoin to $0.14.

In conclusion, the surge in large transactions in Dogecoin is a significant development, indicating growing institutional interest in the cryptocurrency. As institutions continue to enter the market, the price of Dogecoin is likely to remain volatile, with potential for significant price movements.