The giant investors of the top meme coin ‘Dogecoin’ have reportedly made significant buyouts in recent days. A crypto market expert has discussed the activity of the Dogecoin whales since the 30th of May as they have reportedly bought another 200M $DOGE. Ali also mentioned that the recent price spike of Dogecoin has led to this remarkable buying activity from the whales. Earlier, whales bought $112M worth of Dogecoin on 31st of May.
#Dogecoin whales have bought an additional 200 million $DOGE since May 30! pic.twitter.com/gjeoGWMM4R
— Ali (@ali_charts) June 4, 2024
Dogecoin Whales Get 200M Additional $DOGE Tokens in Four Days, Indicating a Likely Breakout
The technical analyst, whose real name is Ali Martinez, attracted many reactions to his X post. Several of the community members expressed that no price increase had occurred after the respective whale movement. While responding to this, Ali indicated that patience plays a vital role in such a situation. According to him, those who wait always get rewards. Someone also posed a question concerning the suitable entry point to trade Dogecoin.
On this, Ali pointed out that the 3rd of June was the respective time. The massive whale activity within just a few days has paved the way for several speculations. A crypto new platform ‘DeFi Planet’ reported that this scenario provides bullish signals. It added that the prominent $DOGE players are seemingly moving toward a big action. It also posed a speculation concerning an increased demand in the next few days.
A cryptocurrency trader Kevin also provided details about an impending breakout for the top meme coin. He pointed toward the 2-month Bollinger Bands Breakout indicator. It suggests a significant impending movement. As per him, this indicator indicates a breakout for the earliest time since 2020’s November. Moreover, he also highlighted the upcoming two-month LMACD bullish indicator.
Current Market Statistics and Historical Data Solidify the Prediction of an Impending Price Action
It also suggests a substantial price action. While answering the reactions, Kevin asserted that the $DOGE traders tend to be over-emotional and over-trading. According to Kevin, they often neglect the macro situation which misguides concerning the working of cycles. Traders frequently utilize technical indicators such as LMACD and Bollinger Bands to anticipate price movements.
The previous time the respective indicators saw an alignment, Dogecoin went through a great value upsurge. This also makes the current prediction more intriguing for investors and traders. The big transaction volume of Dogecoin has reportedly seen a 35.4% jump, as per IntoTheBlock’s data. Furthermore, its regular active addresses have also surged by 1.3%, offering a positive outlook.