Dogecoin whales buy 270 million DOGE
The latest DOGE price drop could have led to a massive liquidation, but Dogecoin whales took advantage. These whales are now buying Dogecoin in huge quantities, with the latest transaction being 270 million. They see the drop as a cheap entry opportunity into the market.
The recent drop in Dogecoin’s price has prompted wealthy investors, known as “whales,” to buy additional coins. On Tuesday, prominent cryptocurrency researcher Ali Martinez revealed on X (formerly Twitter) that Dogecoin whales had acquired 270 million DOGE in five days.
This massive 270 million DOGE purchase is part of a broader accumulation trend across the meme coin network. Martinez has seen whales acquire hundreds of millions of DOGE throughout the decline since November.
The expert said on December 21 that Dogecoin whales bought 250 million DOGE during the market downturn. Since the DOGE downturn was a good entry point, investors made the bold move, a common practice among big players who acquire tokens at cheaper prices to generate long-term returns.
Recent purchases of DOGE by whales may indicate great confidence in the future of the coin.
While the positive sentiment towards DOGE remains high, Dogecoin whales are taking advantage of the falling price to consolidate their holdings and prepare for a rebound. Dogecoin is currently worth $0.33, so buying 270 million DOGE is worth $89 million.
Pattern Repetition Could Push DOGE to $5
A chart from cryptocurrency expert Trader Tardigrade shows a recurring pricing pattern for Dogecoin. A repeat of this historical trend could send Dogecoin higher, he says.
The chart shows DOGE accumulation phases rotating in several cycles as curved red lines and a steady upward trend as rising green lines. Dogecoin prices rise at the end of each accumulation phase in the chart.