Dogecoin is seeing accumulation from whales, as spotted by market analyst Ali Martinez, a trend that means a price surge might be ahead
Large investors, often called whales, have increased activity for the popular Dogecoin (DOGE) memecoin. This move is a good sign for DOGE as it could spark further price rallies ahead.
Whales Scoop $140M Worth of Dogecoin
Market analyst Ali Martinez stated that Whales bought over 1.4 billion DOGE tokens valued at approximately $140 million within the last 48 hours. As Martinez noted, this could be responsible for Dogecoin’s current market uptrend.
#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V
— Ali (@ali_charts) September 26, 2024
Typically, such huge token accumulation could indicate a big move ahead of Dogecoin. Whale investors can greatly impact Dogecoin’s price when they move their funds. Their buying activity has historically triggered a bullish momentum. This scenario occurs as they drive up demand, which pushes the price higher as other traders follow their lead.
Therefore, this recent whale accumulation is a much-needed catalyst for Dogecoin’s bullish momentum. As of this writing, DOGE was trading at $0.1145, up by 5.17% in the past day and 9.6% in the past week. The 24-hour trading volume surged 33% to $940 million, demonstrating investors renewed confidence in the memecoin.
While DOGE’s price is moving upward, it is still far below its all-time high. Thus, the latest whale accumulation could set the pace for a higher price move
Bullish Breakout Ahead of Dogecoin
Alongside the whale accumulation, similar data from IntoTheBlock suggests a similar increase in activity on DOGE. Martinez also stated that Dogecoin has surpassed the $0.111 resistance, with 62,270 addresses holding over 36 billion DOGE.
The analyst believes DOGE could confirm a bullish breakout if it sustains this level. “With no major supply walls in sight, the path to $0.150 looks clear,” Martinez noted.
Other price predictions claim DOGE will look to maintain the $0.1 support in the short term. They claim DOGE might drop to $0.08 if it fails to breach this level. However, the immediate target for DOGE is $0.12, a price point that, if attained, might see the memecoin retest the $0.15 level.
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