Dogecoin whales are actively acquiring significant amounts of DOGE, with reports indicating purchases exceeding 550 million tokens. This notable accumulation trend arises as market analysts expect a substantial price increase for DOGE.
Increased Buying Activity Among Dogecoin Whales
Crypto analyst Ali Martinez has disclosed that, in the past week, large holders, commonly known as “whales,” have acquired over 550 million DOGE tokens, amounting to around $214.5 million. This information was initially reported by Santiment, a market analysis service, and shared in a post by Martinez on X (formerly Twitter) on November 21.
This increase in whale activity has created notable buying pressure for DOGE, signaling a rise in investor interest and demand. Importantly, this upward trend in accumulation coincides with Dogecoin’s price rally in the current month.
Historically, significant whale transactions have often preceded notable price shifts for Dogecoin. Earlier this month, whale activity surged as Dogecoin’s value broke above $0.3. While this abrupt price increase led to some selling, it seems that whales are now returning to invest heavily in DOGE.
As a leading meme cryptocurrency, DOGE enjoys a substantial fanbase and supportive community, bolstering its popularity and adoption, which contributes to its price increase. Recently, Dogecoin saw impressive gains following the news of Elon Musk’s proposal involving the Department of Government Efficiency (D.O.G.E).
Additionally, the positive market atmosphere following Donald Trump’s recent election win also acted as a bullish factor for DOGE’s price. With these market dynamics at play, whales seem to be making strategic investments in anticipation of a potential price surge.
Moreover, IntoTheBlock reports that whales have traded around 60.9 billion DOGE tokens in the last week, with a total transaction volume of approximately $23.35 billion.
Analysts believe that if the DOGE price successfully rises above resistance at $0.4, it could signal the beginning of a strong bullish trend. Furthermore, there are expectations that Trump’s upcoming inauguration may drive Dogecoin’s price even higher, potentially reaching the target of $1.
Price Surge Predictions for Dogecoin
Following the announcement of whale accumulation trends, analyst Trader Tardigrade suggested that these large token holders might be setting the stage for a potential 10X increase in Dogecoin’s price.
Currently, DOGE is priced at $0.39; thus, a 10X increase would aim for a $4 price point. Trader Tardigrade also mentioned that if the whales are targeting a more significant Dogecoin price spike, the cryptocurrency might be destined for a rise surpassing $4.
