Dogecoin is on the rise again, and this time it’s not just retail investors driving the price up. Big players, known as “whales,” are quietly accumulating millions of DOGE tokens.
Whales Are Buying Big
Crypto analyst Ali Martinez noticed a huge spike in DOGE purchases by whales. In the last 24 hours, some whales bought over 60 million DOGE tokens! These whales, who hold between 1 million and 10 million DOGE, are now holding a record-breaking 10.5 billion DOGE tokens this year.
It’s not just the smaller whales getting in on the action. Whales holding between 10 million and 100 million DOGE also bought around 160 million DOGE in the last 48 hours. This shows that big players are bullish on Dogecoin across the board.
What Does This Mean for Dogecoin?
Whale activity can have a big impact on the price of cryptocurrencies. The fact that whales are still buying suggests that they believe DOGE has a bright future.
While the price has dipped slightly in the last 24 hours, this could be a temporary setback. If whales continue to buy, it could push DOGE higher and outperform the rest of the market.
The short-term outlook for Dogecoin is looking positive. With new money coming in and whales making big buys, DOGE could be poised for a breakout. The next resistance level is at $0.1266, which DOGE has struggled to break through in the past. If it can break through this level, it could see a significant price increase. /p>
