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Surprisingly, Dogecoin whales are experiencing a massive buying spreeNew reports show that these large-scale investors have added a whopping 470 million DOGE to their portfolios. This large purchase comes amid Dogecoin bullish recovery On key metrics, where analysts expect a big boost to the upside.
Dogecoin whales buy 470 million doge
Famous cryptocurrency analyst Ali Martinez open On X (formerly Twitter) on January 11, Dogecoin was launched The whales began to pile up again. Martinez announced the latest acquisition of DOGE by these wealthy investors, highlighting that Whales recently purchased over 470 million tokens.
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This large DOGE purchase, which took place in the last 48 hours, is worth around 155 million based on current market prices. This is amazing Whale activity is widespread This often indicates a renewed interest in the cryptocurrency, which may influence market sentiment and trends.
Martinez shared a chart displaying data related to Dogecoin, focusing on the behavior of whales with assets ranging from 10 million to 100 million DOGE. The shaded area on the chart highlights the cumulative holdings of these multi-million portfolios of DOGE.
Around late December 2024, Dogecoin whales were relatively stable but starting to explode Significant increase in early January 2025. CEO, Cryptocurrency Analyst at X, Comment On this increasing cumulative trend, highlighting that whales have bought more than 1 billion Dogecoin in the past seven days.
Martinez’s chart also shows that large amounts of Dogecoin were purchased between $0.314 and $0.355. These prices highlight areas where Dogecoin has seen significant volatility and slight pullback, representing a Buying opportunity for investors. Dogecoin previously rose to new highs above $0.4 in 2024. However, a Sharp correction It pushed its price back towards the $0.3 mark.
Interestingly, the 470 million Dogecoin purchased by whales comes at a time when the cryptocurrency is experiencing a steady upward recovery by important metrics. Cryptocurrency analyst Javon Marks revealed that Dogecoin is forming a new descending wedge pattern. In addition, one of X’s market experts, known as “Rose Premium Signals”. open Dogecoin’s macro charts indicate a strong bullish structure as it accumulates near key support areas and is in line with the long-term trend. Fibonacci levels.
DOGE forms a new descending wedge pattern
As mentioned earlier, Dogecoin is currently creating a new currency Falling wedge patternindicating another potential price breakout. Marx male In his post,
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The descending wedge, also known as a Falling wedgeis a technical chart pattern that indicates a possible price reversal or continuation. It is a bullish pattern that usually occurs during a downtrend, complete with a breakout above the upper trend line.
Marks predicts that if Dogecoin breaks above the descending wedge pattern, it could reach a new ATH soon, reflecting a potential 120% rally. The analyst revealed this Huge price gains That could happen anytime soon, pushing Dogecoin from its current market price of $0.33 to a new upside target of $0.739.
Featured image created with Dall.E, chart from Tradingview.com