Dogecoin saw a huge surge in buying activity from big investors (whales) this past week.
Whale Accumulation
Data from Santiment shows that wallets holding between 100 million and 1 billion DOGE significantly increased their holdings. This was one of the biggest buying sprees in recent memory. This buying happened around the same time Dogecoin’s price jumped from $0.26 to over $0.28, suggesting the whales played a big role in the price increase.
Billions of Dogecoins Accumulated
Over four days, these whales added roughly 910 million DOGE to their wallets – that’s over $250 million at the current price! This kind of buying usually means investors are confident in the coin’s future and it also reduces the amount of Dogecoin available to trade. It looks like this was a planned move, as the buying started when Dogecoin was near a price support level of $0.26. Big purchases like this often encourage smaller investors to buy as well.
Price Impact and Technical Analysis
The whale buying seems to have directly impacted Dogecoin’s price, boosting it almost 8% in just three days. Interestingly, while the big whales were buying, smaller investors (those holding between 10 million and 100 million DOGE) were selling.
Dogecoin’s future price depends on whether it can stay above $0.28. However, some technical analysis suggests good things are ahead. One analyst, Trader Tardigrade, pointed out that Dogecoin’s weekly chart broke out of a long-term pattern, suggesting a potential price increase. He even predicted Dogecoin could reach as high as $1.70! This prediction is based on the chart’s pattern and the recent price action.