Dogecoin whales are on a major accumulation spree, as stories reveal that these large-scale token holders have purchased over 550 million DOGE tokens. This large accumulation pattern comes as analysts predict that DOGE could also be making ready for a serious worth leap.
Dogecoin Whales Go On Massive Buying Trend
Crypto analyst Ali Martinez has revealed that over the previous week, large-scale token holders, typically known as “whales,” have bought greater than 550 million DOGE tokens, valued at a formidable $214.5 million. Although Martinez made this announcement in an X (previously Twitter) put up on November 21, this information was initially reported by Santiment, a market intelligence platform.
The latest surge in whale accumulation has put important shopping for stress on DOGE, highlighting the elevated investor demand and curiosity. Notably, this enhance in whale exercise comes because the DOGE worth has recorded significant gains this month.
Historically, giant scale whale actions have typically aligned with important shifts within the Dogecoin worth. Earlier this month, there was a rise in whale exercise as Dogecoin’s worth soared above $0.3. While the sudden worth spike led to elevated promoting stress, it seems whales are returning and are buying into DOGE in droves.
As the primary meme coin, DOGE has already gained a large following and a supportive group, which have contributed to its reputation, widespread adoption, and enhance in worth. Recently, the Dogecoin worth recorded double-digit beneficial properties as information of SpaceX CEO Elon Musk’s Department of Government Efficiency (D.O.G.E) proposal unfold.
Moreover, the optimistic market sentiment from Donald Trump’s win within the US Presidential election additionally served as a bullish catalyst for the DOGE worth. With all these market rallying components in place, whales seem like hedging their bets in preparation for a potential price surge.
This spike in whale exercise may also be seen as IntoTheBlock reports that roughly 60.9 billion DOGE tokens have been moved round by whales up to now week. This large spike in large transaction volume represents $23.35 billion.
Analysts have additionally predicted that when the DOGE worth breaks previous resistance ranges round $0.4, the cryptocurrency will enter a serious bullish section. Additionally, analysts forecast that Trump’s upcoming inauguration may additional propel Dogecoin’s worth, doubtlessly pushing it to the highly coveted $1.
Analyst Predicts Dogecoin Price Pump Above $4
Following Martinez’s put up highlighting the numerous rise in Dogecoin whale accumulation, crypto analyst Trader Tardigrade suggested that these large-scale holders could also be positioning for a 10X surge within the Dogecoin worth.
As of writing, DOGE is buying and selling at $0.39; subsequently, a 10X surge would push the meme coin in the direction of a $4 worth goal. Trader Tardigrade has additionally indicated that if these whales intention for a a lot bigger Dogecoin price spike, then the meme coin may very well be gearing up for the next surge above $4.
Featured picture created with Dall.E, chart from Tradingview.com
