The post Whales Accumulate 160M Dogecoin Despite Current Dip appeared on BitcoinEthereumNews.com.

Despite the dip in Dogecoin’s price, whales are still accumulating tokens, having gathered 160 million Dogecoin as positive sentiment gradually returns to the market, eyeing a potential rally of 85% above its all-time high. Dogecoin is currently trading between $0.39 and $0.48 after a sharp rebound, mirroring its price action from early 2021, when a significant rise was followed by consolidation before a major breakout. Dogecoin (DOGE) has consistently remained in the spotlight and is a favorite for market whales. Recently, a surge in whale activity has sparked discussions about the potential for Dogecoin’s price to break the elusive $1 barrier. The recent purchase of $160 million in DOGE by these whales has raised eyebrows and initiated a wave of speculation within the crypto community. Such large transactions can indicate that these whales are positioning themselves for potential price movements. A well-known cryptocurrency analyst on X, Ali Martinez, pointed out another whale activity on December 12, noting that whales purchased a remarkable 210 million DOGE during a price correction when the asset was roughly priced at $0.41, resulting in an estimated expenditure of $86.1 million. Although Dogecoin has experienced a 6% decline over the past week, these whale investors appear unfazed by the market’s ups and downs. #Dogecoin whales bought 210 million $DOGE during the recent price correction! 👀👀 pic.twitter.com/0vG2iN1fvJ — Ali (@ali_charts) December 11, 2024 Current Market Dynamics and Technical Indicators These trends among crypto whales suggest a bullish outlook for DOGE. Martinez has highlighted this whale activity as a strong indicator of positive momentum, projecting a bold price target of $3 and revisiting the previous all-time high (ATH) of $0.7376, which was achieved in May 2021.  Dogecoin is certainly gaining additional buying momentum following its bullish crossover on the MACD, marked by the MACD line crossing above the…

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Filed under: News - @ December 15, 2024 8:14 am