While large-scale liquidations are expected to occur recently DOGE price collapseDogecoin whales have embraced the economic downturn as a major opportunity. View the decline as an opportunity to enter the market at a low price Whales are now buying Dogecoin in large quantitieswith the latest transactions recording purchases worth 270 million.
Dogecoin whales harvest 270 million doge
The recent decline in Dogecoin’s price has prompted major investors, commonly called “whales,” to accumulate more tokens. Prominent cryptocurrency analyst Ali Martinez revealed at X (formerly Twitter) mail On Tuesday, Dogecoin whales bought a whopping 270 million DOGE tokens in the past five days.
This massive 270 million DOGE purchase is part of a broader accumulation trend observed across the meme network. Since November, Martinez has scored Whales are buying hundreds of millions of DOGE During a downtrend.
On December 21, the analyst open Dogecoin whales have bought 250 million DOGE during Recent market decline. The bold move was made as investors viewed DOGE’s decline as a favorable entry point, a behavior often associated with high-profile players purchasing tokens at a lower price in the hopes of making long-term gains.
Recent DOGE Whale buying spree It can indicate strong confidence in the future of the currency. Martinez also expressed optimism about the price outlook for the memecoin, Highlight In a previous X post, DOGE could see another parabolic rise to $20 ATH.
While the sentiment is bullish for… DOGE price remains strongDogecoin whales are taking advantage of the current market conditions and falling prices Increase their possessions And prepare for a potential rise. With the price of Dogecoin currently trading at $0.33, DOGE’s recent purchase of 270 million is worth approximately $89 million.
A repeat of the pattern could take DOGE price to $5
Cryptocurrency analyst Trader Tardigrade has foot A chart showing the recurring historical trend pattern in Dogecoin price movement. The analyst points out that repeating this historical trend could lead to a crisis Equivalent rally for Dogecoin.
The red curved lines in the chart highlight DOGE’s circular consolidation phases in different cycles, while the green bullish lines emphasize the steady uptrend. Each period of consolidation in the chart led to a significant rally, with the price of Dogecoin exploding at the end of the trend.
And based on the recurring historical pattern, DOGE appears to be exiting its range The final unification stageWhich indicates that a potential breakout may be on the horizon. Trader Tardigrade predicted the breakout would send prices up to $5 higher All-time highs for DOGE.
At the time of writing, Dogecoin is trading at $0.33, reflecting a 3.5% increase over the past 24 hours. A rise to $5 would require the meme to register a staggering 1,415% rise from its current price.
Featured image created with Dall.E, chart from Tradingview.com