Whales Accumulate 160M Dogecoin Despite Current Dip
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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…
Filed under: News - @ December 15, 2024 8:14 am