According to data from Santiment and market analyst Ali Martinez, whales holding between 10 million and 1 billion Dogecoin have accumulated approximately 1.08 billion DOGE within 24 hours as of January 2, 2025. This development has increased their total holdings to 46.36 billion tokens, accounting for 31% of Dogecoin's total supply.
This is the first large-scale accumulation by whales since the sell-off in December 2024, following resistance at $0.4844. Their new buying activity indicates increasing optimism.
Wyckoff Logic Indicates Continuous Progression of the Market Cycle
Trader Tardigrade, a leading cryptocurrency analyst, has shared insights into Dogecoin price volatility through Wyckoff Logic. In a recent tweet, the analyst emphasized that Dogecoin is currently in the 'Mark Up' phase of the Wyckoff market cycle. This phase, characterized by rising prices, follows the 'Jump The Creek' structure—a pattern that often precedes significant price surges.
According to the analysis, Dogecoin has completed the first wave of this phase. Prices are expected to rise further, potentially reaching a peak known as the 'Blow-Off Top' before transitioning to the Distribution and subsequent Downtrend phase. Tardigrade also highlighted the importance of breakout and retest near the resistance level, signaling strength and testing supply levels.
Supertrend Shifts to Bullish After Nearly 3 Years
Another bullish indicator for Dogecoin is the Supertrend on its 3-month chart. According to Crypto Surf, this indicator turned green at the beginning of January 2025, marking the first bullish signal since January 2022.
Historically, similar signals have occurred before price surges. For example, after turning green in April 2017, Dogecoin saw significant gains in 2018 and 2021.
At the time of the press, DOGE was trading at $0.3382 with a daily trading volume of $2.8 billion. This figure reflects a price increase of 1.29% and 8.61% over the past day and week. This aligns with the overall bullish sentiment driven by whale accumulation and technical indicators.
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