Unveiling the Mystery: What Are Dogecoin Whales Doing with 200 Million DOGE?
According to the crypto analyst Ali, there has been a significant accumulation of Dogecoin by large holders (whales) over the last five days. Since May 30, whales have added a substantial 200 million DOGE to their holdings, signalling accumulation. During this time, the price of Dogecoin has been consolidating in a range after reaching highs of $0.174 on May 26.
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The accumulation of Dogecoin by large holders is noteworthy, as whales typically acquire assets during periods of declines or consolidation to take advantage of discounted prices. The trend of accumulation among Dogecoin whales became evident in late May, with substantial DOGE transactions observed from wallets and exchanges. On May 31 alone, Dogecoin whales bought over 700 million DOGE within a 72-hour timeframe, valued at $112 million at that time.
This substantial accumulation may indicate that these large holders are positioning themselves for a significant price shift as Dogecoin consolidates. Currently, Dogecoin faces a major resistance near $0.174. Ali predicts that once this barrier is surpassed, DOGE could potentially double, with the next crucial resistance around $0.322.
As of the time of writing, Dogecoin was down 2.83% in the last 24 hours, trading at $0.157. A drop below the 50-day Simple Moving Average (SMA) at $0.1541 could give the short-term advantage to the bears, potentially leading to a decline toward $0.14. Alternatively, a consolidation scenario may see Dogecoin trading in a range between $0.18 and the 50-day SMA. On the other hand, a resurgence in Dogecoin’s price could target the $0.174 level, with a sustained breach aiming for the $0.21 level in the short term.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
