Epic Whale Bullish Activity Sucked 140,000,000 Dogecoins (DOGE) Overnight

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Famous analyst Ali Martinez recently shared some on-chain data about Dogecoin (DOGE) in his analysis, showing a sharp rise in interest in the cryptocurrency. According to on-chain data, investors purchased 140 million DOGE in the past 24 hours, which is about $56 million, accounting for more than 2% of daily trading volume.

On-chain data reveals investor activity:

Whale investor interest:

The buyers behind these large transactions are mainly whales, that is, those who hold 1 million to 100 million DOGE. Even the smallest investor holds at least $400,000 in DOGE. This shows that the funds in the Dogecoin market are being concentrated in the hands of a few large investors, suggesting that the market is highly concerned about future price movements.

Growth in trading volume:

Dogecoin's 24-hour trading volume is $2.64 billion, of which whale purchases account for more than 2% of DOGE. This data shows that the market activity and investor interest are increasing rapidly.

Key technical levels:

Current price range:

The price of DOGE is currently around $0.40, which is a key resistance area. If this resistance can be successfully broken, it may further push the price up.

Potential price target:

Next resistance level: If DOGE breaks through $0.40, the next target may be $0.46, which is the annual high in 2024. If it can break through this point, DOGE may regain its historical high of $0.75 (the historical high in 2021).

Motivation of whales:

Confidence in market trends:

The current strong performance of Bitcoin has also brought investor confidence to altcoins (including Dogecoin). Whales' investment may not only capture short-term price fluctuations, but also see the long-term potential of the crypto market. The latest buying activities of these whales may be a positive sign for the overall market trend, indicating that their confidence in altcoins (especially DOGE) is recovering.

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