Dogecoin has lost more than 50% of its gains earlier in the week as investors look to book profits. Dog whalesOn the other hand, DOGE holders are going against the profit-taking trend to increase their holdings. Cryptocurrency analyst Ali Martinez has noticed this whale accumulation on social media platform X. According to Santiment data shared by the analyst, some DOGE whales have purchased over 60 million DOGE in the last 24 hours. This on-chain activity has fueled optimism among DOGE holders as it signals continued bullish momentum.
Dogecoin whale analysis
Dogecoin has seen Increased purchasing activity From market participants (whales and individual traders) since the beginning of the week. This led to a similar surge in price, peaking at $0.1269. However, while The price has since reversed. Despite being down about 6% from its recent peak, buying activity is still ongoing. This time, the buying can be linked to some DOGE whales who are still actively buying.
According to Santiment Insights revealed by leading market analyst Ali Martinez, some whales have purchased over 60 million DOGE tokens in the last 24 hours. When talking about whales, this refers to addresses holding between 1 million and 10 million DOGE tokens. This buying activity has seen their total holdings increase to 10.5 billion DOGE tokens, the highest level so far this year.
#Dogecoin Whales have bought over 60 million. doug In the last 24 hours! pic.twitter.com/53Z9gi0eFt
— Ali (@ali_charts) July 18, 2024
Likewise, health plan Data It appears that addresses holding between 10 million and 100 million DOGE also bought around 160 million DOGE in 48 hours, indicating a bullish sentiment prevailing among all categories of large holders.
DOGE SENTIMENTAL RISE
Whale activity is known to have both short-term and long-term impacts on cryptocurrency prices. As mentioned earlier, the continued accumulation indicates that the cryptocurrency is still experiencing bullish sentiment from its large holders.
At the time of writing, Dogecoin is trading at $0.1192, down 2% in the past 24 hours. This suggests that the buying pressure from some large holders has yet to be factored into DOGE’s price. However, continued accumulation could see DOGE resume a larger uptrend and outperform the rest of the market.
With fresh money flowing in and whales making big purchases, the short-term outlook for Dogecoin looks positive. Dogecoin is currently trading around a key demand block at $0.117 and could either rally from here or fall lower towards the downside. In case of a bounce higher, the next resistance is at $0.1266, which is what happened to Dogecoin. Failed to penetrate Five times in the past 30 days.
Featured image created using Dall.E, chart from Tradingview.com