Is it time to buy Dogecoin? Whales have purchased 250 million Dogecoin

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Dogecoin (DOGE) is the largest meme coin in the world, and it has attracted significant attention from crypto enthusiasts during the recent market downturn. On December 21, 2024, a well-known crypto expert posted on X (formerly Twitter) that crypto whales have accumulated 250 million DOGE in the past few days.

Whales purchased 250 million DOGE.

However, according to a report by CoinPedia, the post on X pointed out that this large accumulation occurred during the recent market decline, which happened after Jerome Powell took an anti-cryptocurrency stance.

Meanwhile, the impact of this large accumulation has currently been reflected in the DOGE price. According to data from CoinMarketCap, the meme token has surged over 25% in the past 48 hours. It is currently trading near $0.32, having risen 8% in the last 24 hours.

Despite significant gains, on-chain analytics company CoinGlass reports that long-term holders seem to be continuously accumulating the token. DOGE's spot inflow/outflow data shows that exchanges have witnessed a massive outflow of DOGE worth $519.19 million in the past 7 days.

The outflow is an on-chain metric that indicates assets flowing from exchanges to the wallets of long-term holders. This may signal upward momentum and suggest an ideal buying opportunity.

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