Dogecoin (DOGE), the largest meme coin in the world, has attracted significant attention from cryptocurrency enthusiasts amid the recent market downturn. On December 21, 2024, a prominent cryptocurrency expert posted on X (formerly Twitter) that cryptocurrency speculators have accumulated 250 million DOGE over the past few days.
Whales buy 250 million DOGE
However, the post on X notes that this significant accumulation is occurring during the recent market downturn, which follows Jerome Powell's anti-cryptocurrency stance, according to CoinPedia.
Current price momentum
Meanwhile, the impact of this significant accumulation is now reflected in DOGE's price. According to CoinMarketCap, the meme coin has increased by more than 25% in the past 48 hours. It is currently trading near $0.32, with an 8% increase in the past 24 hours.
Despite this significant increase, long-term holders seem to continuously accumulate tokens, according to a report from the on-chain analytics firm CoinGlass. Data from DOGE's inflows/outflows indicates that exchanges have seen a substantial outflow worth $519.19 million DOGE in the past 7 days.
Outflow is an on-chain metric that indicates the withdrawal of assets from exchanges into long-term holders' wallets. This could signal bullish momentum and suggest an ideal buying opportunity.
Technical analysis of Dogecoin (DOGE) and upcoming levels
According to a technical analysis by an expert, the meme coin is currently facing strong resistance near the $0.346 level. Based on recent price movements, if DOGE breaks this resistance and closes the daily candle above $0.36, it is highly likely that it could surge 25%, reaching the next resistance level of $0.44 in the near future.
On the positive side, the Relative Strength Index (RSI) of DOGE is currently at 37.85, indicating strong upward potential in the coming days.
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