Time to Buy DOGE? Whales Buy 250 Million Dogecoin šØš„šš
(DOGE), the largest meme coin in the crypto space, has recently captured the attention of investors and crypto enthusiasts, especially after a noteworthy accumulation event by whales during a recent market dip. According to a post shared on X (formerly Twitter) by a prominent crypto expert on December 21, 2024, crypto whales have amassed an impressive 250 million DOGE over the past few days, raising speculation about a potential bullish trend for the popular token.
### Whales Purchase 250 Million DOGE Amid Market Dip
The acquisition of such a large amount of DOGE comes during a period of price consolidation and market hesitation, following the anti-crypto stance of Federal Reserve Chairman Jerome Powell. The overall crypto market, including major players like Bitcoin and Ethereum, has experienced volatility as a result of Powell's comments, which have stirred concerns about future regulations in the space.
Despite the market downturn, whale activity has surged, with these large holders choosing to accumulate a significant amount of DOGE. This shift in investor behavior is notable, especially considering the tokenās history as a meme coin, typically influenced by community sentiment and social media trends.
### Current Price Momentum: DOGE on the Rise
Following the accumulation by whales, the price of Dogecoin has experienced a notable surge. Over the past 48 hours, the token has gained more than 25%, as per data from CoinMarketCap. As of the latest update, DOGE is trading near $0.32, marking an 8% increase in the past 24 hours alone.
This price movement is not just a short-term blip. Long-term holders seem to be bullish on DOGE as well, with on-chain analytics firm CoinGlass reporting substantial outflows from exchanges. In fact, DOGE exchanges saw $519.19 million worth of DOGE leave the platforms in the past week, a sign that long-term investors are consolidating their positions. When a significant amount of crypto is withdrawn from exchanges, it typically indicates that investors are preparing to hold the asset for a longer period, rather than selling or trading it actively.
These outflows could point to increasing confidence in the tokenās future price growth, signaling that the current market dip may be seen as an optimal time for accumulation.
### Dogecoin Technical Analysis: Is a Breakout Imminent?
From a technical perspective, Dogecoinās recent price action suggests that the meme coin could be on the brink of further upside momentum. Currently, DOGE is facing resistance near the $0.346 level. If it manages to break through this resistance and closes a daily candle above the $0.36 mark, experts believe that it could see an additional 25% price jump, reaching the next significant resistance level at $0.44 in the near future.
Furthermore, DOGEās Relative Strength Index (RSI) currently stands at 37.85, a value that indicates the coin is nearing oversold conditions. When the RSI is in this range, there is a heightened probability of a price rebound, suggesting that further gains could be on the horizon in the coming days.
### Conclusion: Is It Time to Buy DOGE?
The combination of increased whale activity, significant outflows from exchanges, and positive technical indicators suggests that Dogecoin could be entering a bullish phase. While the market remains influenced by external factors, such as regulatory concerns and the stance of central banks, the accumulation of such a large amount of DOGE by whales during a dip could signal a strong buying opportunity for long-term investors.
For those looking to enter the market or add to their positions, monitoring key resistance levels, particularly the $0.346 and $0.36 marks, will be critical in determining whether DOGE is poised for further gains. With the current momentum and technical setup, thereās a strong possibility that Dogecoin could continue its upward trajectory, making it an asset worth keeping an eye on in the coming weeks. (NFA) $DOGE 
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