Dogecoin Whales are in a major accumulation frenzy as reports reveal that these large-scale token holders have purchased over 550 million DOGE tokens. This massive accumulation trend comes as analysts predict that DOGE may be preparing for a significant price hike.
Dogecoin Whales Continue Massive Buying Trend
Crypto analyst Ali Martinez has revealed that over the past week, large-scale token holders, often referred to as “whales,” purchased over 550 million DOGE tokens, worth an impressive $214.5 million. Although Martinez made the announcement in a post on X (formerly Twitter) on November 21, this news was initially reported by Santiment, a business news platform.
The recent increased accumulation of whales has put significant buying pressure on DOGE, highlighting increased investor demand and interest. Notably, this increase in whale activity comes as the price of DOGE has increased. posted significant gains this month.
Historically, large-scale whale movements have often aligned with significant changes in the price of Dogecoin. Earlier this month, whale activity increased as Dogecoin’s value climbed above $0.3. Even though the unexpected price rise has led to increased pressure on sales, it appears that the whales are returning and are buy DOGE in bulk.
As the number one coin, DOGE has already gained enormous success and a supportive community, which has contributed to its popularity, widespread adoption, and increase in value. Recently, Dogecoin price saw double-digit gains following the announcement of Elon Musk, CEO of SpaceXThe Department of Government Efficiency’s (DOGE) proposal has caught on.
Additionally, the positive market sentiment of Donald Trump’s victory during the US presidential election also served as a bullish catalyst for the price of DOGE. With all these market rallying factors in place, the whales appear to be hedging their bets in anticipation of a potential price spike.
This peak in whale activity can also be seen as IntoTheBlock reports that approximately 60.9 billion DOGE tokens were moved by whales over the past week. This massive increase significant trading volume represents 23.35 billion dollars.
Analysts have also predicted that once DOGE price breaks above resistance levels around $0.4, the cryptocurrency will enter a major bullish phase. Additionally, analysts forecast that Trump’s upcoming inauguration could further propel the price of Dogecoin, potentially pushing it to the coveted $1.
Analyst Predicts Dogecoin Price Rise Above $4
Following Martinez’s post highlighting the significant increase in Dogecoin Whale Accumulationcrypto analyst Trader Tardigrade suggested that these large-scale holders could position themselves for a 10x increase in the price of Dogecoin.
At the time of writing, DOGE is trading at $0.39; Therefore, a 10X increase would push the meme coin towards a $4 price target. Trader Tardigrade also indicated that if these whales are targeting a much larger area Dogecoin price surgethen the meme coin might be gearing up for a higher rise above $4.
Featured image created with Dall.E, chart from Tradingview.com