The post Dogecoin Ready for Major Pump as Whales Amass 550M DOGE, Now Holding 20.6B Tokens appeared on BitcoinEthereumNews.com.

Crypto whales have capitalized on the recent Dogecoin discount sales to massively load up their bags for the next wave of explosive price growth. Market observer Ali Martinez drew public attention to the recent whale accumulation spree. Citing data from Santiment, Martinez disclosed that whales have acquired over 550 million DOGE worth $214.5 million over the past week. Whales Buying More Dogecoin Notably, these whales typically hold between 10 million and 100 million Dogecoin tokens. They engaged in the latest acquisition while Dogecoin’s price consolidated around the $0.36 to $0.38 range in the last week. Furthermore, when Dogecoin first encountered its notable dump since hitting $0.4350 on November 12, data from Santiment showed that these same whales even added 140 million tokens to their holdings. At that time, their portfolio rose to 19.9 billion DOGE tokens. Interestingly, following the latest buying spree, their holdings have reached 20.6 billion DOGE tokens. This tier of high-net-worth investors has continued to accumulate over the past two months. The accumulation shows a passive trend alongside Dogecoin’s price performance in October. However, as Dogecoin’s price spiked significantly in the first week of November, their holdings mirrored the trend.  Now that Dogecoin is about to break out of its short-term consolidation, the whales are positioning themselves for the upcoming momentum.  At press time, Dogecoin is trading at $0.3884, down 1.24% in the last 24 hours. Notably, Dogecoin and other meme coins are struggling in the red even as Bitcoin makes a notable push to break $100K. Dogecoin Price to Watch for When the Bulls Reemerge In an earlier analysis, Martinez predicted a 120% rally for Dogecoin after it formed a bullish pattern following a brief cool-off phase from its speculative run. Martinez suggested the meme coin could surge to $0.82, assuming the $0.37 support holds. He…

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Filed under: News - @ November 21, 2024 11:15 pm