Dogecoin whales have been actively accumulating tokens, with reports indicating that these large-scale holders have purchased over 550 million DOGE tokens. This surge in whale activity has put significant buying pressure on DOGE, indicating increased investor demand and interest in the cryptocurrency. Analysts have also predicted that DOGE may be gearing up for a major price leap.
Crypto analyst Ali Martinez revealed that in the past week, whales have acquired more than 550 million DOGE tokens, amounting to $214.5 million. This news was initially reported by Santiment, a market intelligence platform. The spike in whale accumulation has coincided with significant gains in the DOGE price this month.
Historically, large whale movements have often correlated with significant shifts in the Dogecoin price. Earlier this month, there was an increase in whale activity as the value of Dogecoin surpassed $0.3. While this led to increased selling pressure, whales are now back in action, buying into DOGE in large quantities.
As the number one meme coin, Dogecoin has garnered a massive following and a supportive community, contributing to its popularity, widespread adoption, and increase in value. Recent news, such as SpaceX CEO Elon Musk’s Department of Government Efficiency (D.O.G.E) proposal and Donald Trump’s win in the US Presidential election, have served as bullish catalysts for the DOGE price.
The spike in whale activity can also be observed in the movement of approximately 60.9 billion DOGE tokens by whales in the past week, representing $23.35 billion in large transaction volume. Analysts predict that once the DOGE price breaks past resistance levels around $0.4, the cryptocurrency could enter a major bullish phase, potentially reaching the highly coveted $1 mark.
Following the significant rise in Dogecoin whale accumulation, crypto analyst Trader Tardigrade suggested that these large-scale holders may be positioning for a 10X surge in the DOGE price. With DOGE currently trading at $0.39, a 10X surge could push the meme coin towards a $4 price target. Trader Tardigrade also indicated that if whales aim for an even larger price spike, DOGE could be gearing up for a surge above $4.
Overall, the increased activity of Dogecoin whales, coupled with positive market sentiment and potential catalysts, suggests that DOGE may be on the brink of a significant price leap. With whales accumulating tokens and analysts forecasting bullish scenarios, the future looks promising for Dogecoin and its investors.
