Bitrabo Editorial
The recent profit-taking activities by investors have caused Dogecoin to give back more than 50% of its earlier gains. While retail traders are cashing in, DOGE whales are bucking the trend and increasing their holdings. Renowned crypto analyst Ali Martinez highlighted this accumulation of whales on social media and shared data from Santiment indicating that some DOGE whales have acquired over 60 million DOGE in the past 24 hours. This buying spree has fueled optimism among Dogecoin holders, hinting at a continued bullish trajectory.
Analysis of Dogecoin Whales
Since the start of the week, there has been a surge in buying activity from both market whales and retail traders in Dogecoin. This surge drove the price to a high of $0.1269. Despite a subsequent 6% decline from this peak, buying momentum persists, attributed to active DOGE whales.
According to insights from Santiment shared by market analyst Ali Martinez, some whales have collectively obtained 60 million DOGE tokens within 24 hours. These whales hold between 1 million and 10 million DOGE coins, pushing their total holdings to 10.5 billion DOGE tokens, marking a yearly high.
Additionally, Santiment data indicates that addresses holding between 10 million and 100 million DOGE purchased approximately 160 million DOGE in 48 hours, reflecting a prevailing bullish sentiment among larger holders.
Positive Sentiment for Dogecoin
Whale activities have significant impacts on cryptocurrency prices in both the short and long term. The ongoing accumulation by whales indicates sustained bullish sentiment among major holders.
Currently, Dogecoin is trading at $0.1192, with a 2% decrease in the last 24 hours. This implies that the buying pressure from significant holders has not yet been fully reflected in DOGE’s price. Further accumulation could potentially propel Dogecoin into a more substantial uptrend, outperforming the broader market.
With increased investments and large-scale purchases by whales, Dogecoin’s short-term outlook appears promising. Dogecoin is currently hovering around a critical order block at $0.117, with the potential for a bounce or a break to the downside. If an upward bounce occurs, the next resistance level is at $0.1266, a hurdle that Dogecoin has struggled to overcome in the past month on five separate occasions.