Dogecoin whales It is witnessing a major accumulation spree, with reports revealing that large-scale token holders have purchased over 550 million DOGE tokens. This tremendous cumulative trend comes as analysts say He predicts DOGE may be preparing for a big jump in prices.
Dogecoin whales continue massive buying trend
Cryptocurrency analyst Ali Martinez open Over the past week, large-scale token holders, often called “whales,” have purchased more than 550 million DOGE tokens, worth a staggering $214.5 million. Although Martinez made the announcement in an X (formerly Twitter) post on November 21, this news was initially reported by Santiment, a market intelligence platform.
The last Increase in whale accumulation It has put significant buying pressure on DOGE, highlighting increased investor demand and interest. It is worth noting that this increase in whale activity comes with an increase in the price of DOGE Significant gains were recorded this month.
Historically, large-scale whale movements often coincide with large shifts in the price of Dogecoin. Earlier this month, there was an increase in whale activity as the value of Dogecoin rose above $0.3. While the unexpected rise in prices has increased selling pressure, it appears that the whales are already making a comeback Buy into DOGE in large numbers.
As the number one meme coin, DOGE has already gained a large following and a supportive community, which has contributed to its popularity, widespread adoption, and increased value. Recently, Dogecoin price recorded double-digit gains as news SpaceX CEO Elon MuskThe Department of Government Efficiency (DOGE) proposal has spread.
Moreover, the positive market sentiment from Donald Trump wins In the US presidential election it served as a bullish catalyst for the DOGE price. With all these factors boosting the market, it appears that whales are hedging their bets in preparation for a rally Potential price rise.
This spike in whale activity can also be seen as IntoTheBlock Reports Nearly 60.9 billion DOGE tokens were transferred by whales last week. This huge rise in Large transaction volume It represents $23.35 billion.
Analysts also predicted that once DOGE price breaks the previous resistance levels around $0.4, the cryptocurrency will enter a major bullish phase. In addition to analysts Climate prediction Trump’s upcoming inauguration will likely increase the price of Dogecoin Pushing it to the highly desirable $1.
The analyst expects Dogecoin price to rise above $4
After Martinez’s participation, which highlighted the significant rise in… Dogecoin whale accumulationCryptocurrency Analyst Trader Tardigrade Suggested That these large-scale holders may be preparing for a 10-fold increase in the price of Dogecoin.
As of writing, DOGE is trading at $0.39; Thus, a 10X upside would push the meme towards the target price of $4. The Tardigrade merchant has also pointed out that if these whales were aiming for a much larger target Dogecoin price risesIt is possible that the meme is preparing for a higher rally above $4.
Featured image created with Dall.E, chart from Tradingview.com