Last week marked a significant milestone for DOGE as it surged past the $0.22 price mark for the first time since November 2021, experiencing a remarkable 33% increase in price. Outshining giants like Bitcoin, DOGE’s impressive performance caught the attention of crypto enthusiasts.
The surge was largely fueled by increased activity from Dogecoin whales, with on-chain data showing a substantial accumulation of 1.40 billion DOGE over the past two weeks, amounting to approximately $280 million. Crypto analyst Ali Martinez highlighted this trend, revealing the whales’ strategic move in filling up their bags.
Dogecoin Whales Increasing Holdings
The charts shared by Martinez showcased a consistent rise in holdings among whale wallets, particularly those with 10 million to 100 million DOGE tokens. This accumulation spree culminated in a total of 16.7 billion DOGE, affirming the whales’ bullish stance on the meme coin.
This significant accumulation, amounting to $280 million, represents the highest recorded in a two-week period since DOGE gained mainstream popularity during the 2021 bull market.
What Lies Ahead for DOGE?
Martinez’s analysis revealed a direct correlation between the spike in whale accumulation and the price surge of DOGE, reflecting the whales’ potential influence on market movements. Concurrently, Dogecoin witnessed a surge in open interest, setting a new record of $2.2 billion.
Bitcoin is now trading at $70.730. Chart: TradingView
Despite a slight 7% pullback from its $0.22 peak, DOGE remains up by 18.9% over the past seven days, trading at $0.2064 with a market capitalization of $29.6 billion. The continued accumulation by whales hints at a potential resurgence in DOGE’s price trajectory in the upcoming week.
With a influx of new investors and whales making substantial purchases, the short-term prospects for Dogecoin appear promising. Analysts speculate that DOGE could even reach the $1 mark before the current bull market phase concludes, given the favorable market conditions.
However, DOGE faces a major resistance at $0.22, and a successful breakout could pave the way for a potential rally towards $0.35. Keeping an eye on the data from IntoTheBlock, where 602,000 addresses purchased DOGE at an average price of $0.35, will be crucial as it may trigger a sell-off if breached.
Featured image from Pixabay, chart from TradingView
