Dogecoin whales buy the dip and acquire 160,000,000 DOGE in 24 hours

Dogecoin whales have gone on a buying spree, acquiring 160 million DOGE in the last 24 hours amid the ongoing price correction.

Whales are massively acquiring Dogecoin, taking advantage of the recent decline to buy the meme coin at a discount. Over the past 24 hours, large holders have amassed 160 million DOGE in anticipation of a price rise.

The growing confidence in Dogecoin stems from the recent price explosion of the meme coin. For context, the dog-themed token recently broke a high multi-year priceappreciated significantly to trade around $0.4316 on November 13. As it fell from this peak, the accumulation accelerated.

Whales Buy Dogecoin Dip

Veteran market analyst Ali Martinez revealed in a tweet Today, whales are making the most of the current Dogecoin price consolidation. Citing Santiment data, he confirmed that wallets holding between 10 million and 100 million DOGE exceeded their reserve by 160 million, bringing their total to 19.91 billion DOGE.

Notably, the 160 million DOGE was worth $56 million, a 23% reduction from the reserve value two days ago. The acquisition reportedly cost the whales a whopping $69 million a few days ago, but they took advantage of the drop to buy more coins at a discount.

Meanwhile, another whale was spotted dumping its SPX bags to acquire Dogecoin. Lookonchain reported that the whale sold all of its 10.6 million SPX tokens in the last two days at a profit of $920,000.

The wallet then used the $6.2 million made from the sales to purchase the DOGE dip. The whale acquired 13.95 million DOGE.

Dogecoin expected to see new price discoveries

The growing positive sentiments around Dogecoin have led to speculation about more benefits for the same piece. Notably, the recent accumulation indicates that investors are still betting on DOGE to reach new price highs.

Martinez had earlier said the price correction was healthy and a prerequisite for a lasting upsurge. The analyst quoted historical price corrections during Dogecoin’s last two bull cycles, noting that they preceded a 9,470% and 30,700% surge.

Following the growing accumulation, Dogecoin could be on its way to new highs. Analysts have predicted a rise beyond its current all-time high of $0.7376 to $1 by the end of the year. Other claims include a rise to $2.4, $10 and a high $23 target.

Meanwhile, Dogecoin is trading at $0.3171 at press time, down 5.8% over the past 24 hours. However, the meme coin is up 88% and 195% over the past seven days and one month, respectively.