Exciting news for Dogecoin enthusiasts! After a period of stagnancy earlier in the week, DOGE has experienced a fantastic surge in activity in the past two days. In the last 24 hours alone, DOGE has surged by 7%, reversing recent corrections and sparking renewed interest in the meme-based cryptocurrency. The reason behind this sudden uptick? Dogecoin whales have been on a massive buying spree, as evidenced by recent on-chain data.
Renowned crypto analyst Ali Martinez took to Twitter to reveal this fascinating trend, highlighting how DOGE whales have purchased over 25 million DOGE tokens, amounting to a staggering $3.75 million in just three days.
Crypto Analyst Unveils Dogecoin Whale Accumulation
According to a chart shared by Ali Martinez on social media, wallets holding between 10 million to 100 million DOGE tokens have significantly increased their total balance to an impressive 15.63 billion DOGE. This surge comes after adding 25 million DOGE in the past 24 hours, showcasing a drastic change in sentiment among these traders after a prolonged decline since March 14th.
#Dogecoin whales have bought 25 million $DOGE in the past 72 hours, worth around $3.75 million! pic.twitter.com/y1RnRffWhv
— Ali (@ali_charts) March 21, 2024
Why This Accumulation Matters
In the world of cryptocurrencies, whale activity often dictates market movements. The increased buying or selling pressure from large traders like Dogecoin whales can heavily influence investor sentiment, potentially triggering significant price movements. As seen in Martinez’s chart, the total balance of DOGE’s whale addresses closely aligns with price fluctuations.
For instance, a notable drop in the total whale balance on March 14 coincided with a 33% price decline in DOGE. However, the recent surge in whale accumulation has reversed this trend, with DOGE now trading at $0.1629 after showing signs of recovery.
While short-term boosts from Dogecoin whales and FOMO buyers can drive prices up, the long-term success of DOGE hinges on its evolution from a memecoin to a widely accepted cryptocurrency. Recent developments, such as the potential listing on Coinbase’s futures contracts, indicate progress towards mainstream adoption.
Analysts like Ali Martinez foresee a positive trajectory for DOGE, with predictions suggesting a $1 valuation by April. This optimism is fueled by bullish whale sentiment and accumulation patterns, with the $0.20 price level serving as a crucial indicator for potential future growth.
DOGE price trending at $0.156 | Source: DOGEUSDT on Tradingview.com
Featured image from CryptoRank, chart from Tradingview.com
