[Whales add 1 billion DOGE in a week, Dogecoin price prediction]
Dogecoin (DOGE) whale investors have shown increased interest in the leading cryptocurrency in recent days, increasing accumulations significantly over the past few days. In one week, these highly capitalized investors added over 1 billion DOGE worth $157 million.
According to data obtained by Finbold from Santiment on June 4, addresses holding between 100 million and 1 billion DOGE showed significant growth. The chart shows that these whales currently hold 3.115 billion DOGE at $0.157 each.
However, as of May 27, this amount stood at 3.010 billion, resulting in an active accumulation of 105 million coins.
Interestingly, prominent cryptocurrency trader and blockchain analyst Ali Martinez has also observed similar behavior over the past few days. Martinez reported that from May 28 to May 31, 700 million DOGE worth $110 million were accumulated. Martinez then reported that from May 30 to June 4, the whale accumulated 200 million DOGE.
Additionally, Ali Martinez discusses the 47% drop in Dogecoin price from the May highs. On May 1, the analyst posted an emergency line showing DOGE breaking out of the descending triangle formed during that period.
According to Martinez, this shows a pattern previously seen in 2017 and 2021. In particular, declines of 40% and 56% foreshadowed two huge increases of 982% and 12,197% respectively.
The trader believes this could push DOGE above $1 and further towards $6. However, these prices imply that Dogecoin’s market caps are relatively high at $144 billion and $864 billion respectively.
To sum up, Dogecoin whale investors have sent a positive signal over the past week, accumulating 1 billion coins. Additionally, technical analysis predicts that DOGE will exceed $1, but economic fundamentals may pose challenges in achieving this goal.
