Emily Walker
Despite expectations of significant sell-offs following the recent drop in DOGE prices, Dogecoin whales have seized the opportunity to buy more. They view the current price drop as an advantageous moment for investment, leading to substantial purchases, with the latest transaction totaling 270 million DOGE.
Whales Acquire 270 Million DOGE
In light of the falling Dogecoin price, significant investors known as “whales” have ramped up their purchases of the cryptocurrency. Crypto analyst Ali Martinez highlighted in a recent X (formerly Twitter) post that these whales have acquired an impressive 270 million DOGE tokens over the past five days.
This notable purchase is part of a larger trend of accumulation within the Dogecoin community. Since November, Martinez has observed whale investors buying hundreds of millions of DOGE during this downward movement.
On December 21, the analyst revealed that a further 250 million DOGE was purchased by whales during the recent market downturn. This trend indicates a willingness among traders to invest at lower prices, anticipating long-term gains.
These large transactions might suggest that these investors have a strong belief in Dogecoin’s future. Martinez’s enthusiasm for the meme coin’s price movement is evident, as he has previously commented that DOGE could rise to a historic high of $20.
With Dogecoin currently priced at $0.33, the latest purchase of 270 million DOGE translates to around $89 million. This highlights the whales’ strategy of capitalizing on the current market trends to boost their positions.
Possible $5 Price Target for DOGE
Crypto analyst Trader Tardigrade recently shared a chart indicating a repeating historical trend in Dogecoin’s price behavior. The analysis indicates that if this pattern continues, it could ignite a parabolic surge for DOGE.
The chart’s red curved lines mark the consolidation phases over various cycles, while the green ascending lines represent a consistent upward trend. Historically, each consolidation phase has been followed by a significant price increase, suggesting the potential for a future rally.
According to this recurring pattern, DOGE appears to be moving out of its recent consolidation, indicating a possible breakout ahead. Trader Tardigrade forecasts that such a movement could push the price to $5, potentially establishing new all-time highs for DOGE.
At present, Dogecoin stands at $0.33, showing a 3.5% rise within the last 24 hours. An increase to $5 would necessitate a remarkable surge of about 1,415% from its current valuation.