Dogecoin Whales Scoop Up Over 60M DOGE in Just 24 Hours – What’s Happening?
The price momentum of Dogecoin has shifted this week due to profit-taking by investors, leading to a 50% retracement of its earlier gains. Notably, large Dogecoin holders, known as “whales,” have been actively purchasing the cryptocurrency, acquiring over 60 million DOGE in the last 24 hours, as per data from Santiment.
DOGE Buying Spree
The buying spree of Dogecoin by whales and retail traders propelled the price to a peak of $0.1269 earlier in the week. Despite a slight 6% pullback, the purchasing activity has continued. Holders of 1 million to 10 million DOGE have been consistently accumulating holdings, with their collective stash now reaching 10.5 billion DOGE tokens, a year-to-date high, signalling strong bullish sentiment.
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Reinforcing the bullish sentiment, data from Santiment reveals that addresses holding 10 million to 100 million DOGE acquired approximately 160 million DOGE in a 48-hour period. This consistent accumulation across different large holder categories indicates a positive long-term outlook for DOGE among significant market players.
Despite Dogecoin currently trading around $0.1192, with a 2% decrease in the past 24 hours, the full impact of ongoing whale accumulation has not yet materialized in the price. If this buying pressure continues, it could lead to a significant upward price movement. Dogecoin is currently trading close to a significant order block at $0.117, and a rebound from this level could position DOGE to challenge the resistance at $0.1266, a level it has struggled to surpass in the past month.
The recent actions of Dogecoin whales indicate continued optimism despite a broader market pullback. The sustained buying activity suggests a bullish medium to long-term forecast. It is crucial for investors and traders to closely monitor these whale movements, as they provide valuable insights into potential future price movements. As new capital flows into DOGE, the cryptocurrency market may witness increased volatility and growth opportunities.
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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.
