Dogecoin whales are in a significant accumulation phase, as reports reveal that large-scale token holders have purchased over 550 million DOGE tokens. This massive accumulation trend comes as analysts predict that DOGE could be gearing up for a major price jump.
Dogecoin Whales Continue Massive Buying Trend
Crypto analyst Ali Martinez has revealed that over the past week, large-scale token holders, commonly referred to as “whales,” have purchased more than 550 million DOGE tokens, worth $214.5 million. While Martinez made the announcement in a post on X (formerly Twitter) on Nov. 21, the news was initially reported by Santiment, a market intelligence platform.
The recent surge in whale accumulation has created significant buying pressure on DOGE, highlighting the growing demand and interest from investors. Notably, this increase in whale activity comes as the price of DOGE has recorded a significant rise this month.
Traditionally, large-scale whale movements are often accompanied by significant changes in Dogecoin's price. Earlier this month, whale activity surged as the value of Dogecoin skyrocketed above $0.3. Although the unexpected price surge led to increased selling pressure, it appears that whales are returning and buying DOGE in bulk.
As the number one meme coin, DOGE has attracted a large following and supportive community, contributing to its popularity, widespread adoption, and increasing value. Recently, the price of Dogecoin recorded a double-digit increase as news of SpaceX CEO Elon Musk's proposal for the Department of Government Efficiency (DOGE) spread.
Moreover, positive market sentiment from Donald Trump's victory in the U.S. presidential election is also acting as a price catalyst for DOGE. With all these market-driving factors, whales seem to be hedging risks in preparation for a potential price surge.
The sudden surge in whale activity can also be seen as IntoTheBlock reports that around 60.9 billion DOGE tokens have been moved by whales in the past week. This sudden spike in large transaction volume is equivalent to $23.35 billion.
Analysts also predict that as the price of DOGE surpasses the resistance level around $0.4, this cryptocurrency will enter a major bullish phase. Additionally, analysts forecast that Trump's upcoming inauguration may further boost the price of Dogecoin, potentially pushing it up to the highly coveted $1 mark.
Analysts predict that the price of Dogecoin will rise above $4.
After Martinez's post highlighting the significant increase in Dogecoin accumulation activity by whales, cryptocurrency analyst Trader Tardigrade suggests that these large holders may be positioning for a 10-fold Dogecoin price increase.
As of the time of writing, DOGE is trading at $0.39; thus, a 10X increase would push this meme coin to a price target of $4. Trader Tardigrade also points out that if these whales are targeting a much larger Dogecoin price increase, this meme coin could be preparing for even higher gains above $4.
