The post Why Dogecoin’s $56M whale accumulation might NOT help DOGE’s rally appeared on BitcoinEthereumNews.com.

Massive rise in whale accumulation allowed DOGE to turn bullish again If things fall in place, DOGE might retest its resistance at $0.42 The crypto market’s bullish condition has allowed most cryptos to pump their prices on the charts. Dogecoin [DOGE] was no exception. Not only did investors show confidence in the memecoin, but big-pocketed players also scooped up a significant amount of DOGE.  Dogecoin whales show confidence Over the past week, DOGE’s performance has been impeccable, with its value skyrocketing by more than 88%. This allowed the memecoin to climb above the $0.42-mark for a short duration. However, it soon noted a slight pullback after touching the $0.43-level. As DOGE’s price started to drop, whales took the opportunity to stockpile the memecoin. Ali, a popular crypto analyst, shared a tweet pointing out this development. According to the same, DOGE whales bought 140 million DOGE in the last 24 hours – Worth around $56 million. This massive accumulation highlighted whales’ confidence in the memecoin. The hike in whale accumulation was also supplemented by a rise in the number of large holders. IntoTheBlock’s data revealed that the number of addresses holding DOGE worth $10k-$100k and $100k-$1M increased by over 140% and 199%, respectively. Moreover, DOGE addresses holding more than $10M also climbed by 155% in the last 30 days.  Source: IntoTheBlock Is trouble ahead? The latest phase of whale accumulation helped DOGE turn its daily chart green again. However, this push from large players might not be enough for DOGE to sustain its uptrend. DOGE’s trading volume declined sharply over the last few days. A decline in the metric usually means that the chances of the prevailing price trend changing are high. Here, it is also interesting to note that despite the latest price hike, Dogecoin’s MVRV ratio dipped. At press…

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Filed under: News - @ November 16, 2024 11:22 am