With DOGE price dropping below key support levels, whale investors consider it an avenue to stack up on the coin, a trend that is now shaping up as the basis for a mid-term rebound.
Within 72 hours, Dogecoin (DOGE) whales have scooped up over $101.7 million worth of the canine-themed memecoin. This value accounts for approximately 530 million DOGE, based on the current market value of the coin.
Whales Show Confidence in DOGE’s Long-term PotentialÂ
Renowned crypto analyst Ali Martinez spotted these large investors’ activities and reported them, claiming they had been going on for the past three days. This finding was supported by on-chain data from analytics platform Santiment, which indicated that DOGE whales acquired 530 million coins during this period.
Whales bought the dip, accumulating more than 530 million #Dogecoin $DOGE in the last 72 hours! pic.twitter.com/0cRGqxLoXw
— Ali (@ali_charts) February 27, 2025
It is worth noting that the activities of these whales come at a time when DOGE’s price is in a downtrend. According to CoinMarketCap data, this digital currency trades at $0.1854, corresponding to an 11.09% dip within the last 24 hours. Thus, it suggests that whales and high-networth individuals are capitalizing on the dip and strategically accumulating DOGE at a lower price.Â
More so, it reflects these investors’ confidence in the long-term potential of the coin, an outlook that could trigger a massive price gain for the memecoin. With continuous growing demand, the Dogecoin price could go as high as $0.30, which is still far from its current level.
Dogecoin Fails To Hit $0.30 Support Level
In the last few weeks, Dogecoin has been faced with volatility. Right after Bitcoin (BTC) dropped below $100,000 and caused the crypto market to be on the edge, the coin saw a steady price decline. Around that time, sellers pushed the price closer to the psychological support level of $0.30, which is an important point for Dogecoin.Â
The $0.30 price level is perceived as a zone that could make or break the coin’s short-term outlook. Several analysts are optimistic about DOGE’s capacity to begin a recovery trend, fuelled by the recent whale activity. If Dogecoin returns to the $0.30 level, it could reach $0.33 again and start a rally.
A more bullish projection for DOGE is that it would hit $15, per Ali Martinez’s X post from a few weeks ago.
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