Hello everyone, I'm Penny.

Today, the news of Dogecoin whales hoarding coins swept the entire cryptocurrency market. On-chain statistics show that more than 300 million Dogecoin (DOGE) have been withdrawn from cryptocurrency exchanges recently, which has triggered investors' optimism about the future price trend of the coin. Dogecoin is currently trading at $0.288, and the target of $0.4 is expected to be coming soon.

Dogecoin whales’ holdings spark market optimism

According to data released by the blockchain tracking platform on November 11, Dogecoin whales have withdrawn 311 million Dogecoins from cryptocurrency exchanges in the past day.

Data shows that the whale address DGm..dUB has taken 200 million coins worth $56.38 million from the cryptocurrency exchange Binance. In addition, the whale address DGG..X5S has taken 111 million coins worth $30 million from Robinhood's cryptocurrency trading department.

Overall, these massive accumulations highlight the market’s growing confidence in the asset, sparking bullish sentiment towards the coin across the industry.

Meanwhile, the tracker’s on-chain data also shows that a dormant Dogecoin whale has awakened after about 11 years, adding to the curiosity about the asset’s performance. However, it is also worth noting that whale data shows a large number of whales selling the same coin today. Notably, on-chain data shows that 98 million Dogecoins were recently sold to Binance and Robinhood through two whale transactions, which also explains why the Dogecoin price briefly fell sharply today.

Can Doge Price Reach $0.4?

The massive hoarding in the market weakened the sell-off and stimulated the optimistic market sentiment of retail investors towards DOGE.

As of this writing, Dogecoin is trading at $0.2883, up nearly 23% over the past day. With DOGE’s 24-hour low and high being $0.2288 and $0.3011 respectively, the upward price action is consistent with the significant buying pressure from the aforementioned Dogecoin whale accumulation.

Furthermore, DOGE’s intraday trading volume surged 222% to $18.6 billion, highlighting the growing interest in DOGE among crypto market investment users. Coupled with the aforementioned massive accumulation, this data bodes well for the meme coin’s future. Moreover, the weekly chart shows that the cryptocurrency is up 84%, signaling an impending bull run.

Our analysis of the Dogecoin price showed a significant increase in the number of wallets holding between 100 million and 1 billion Dogecoins, data that further points to increased market confidence in the asset.

In addition, a cup-handle pattern has appeared on the price chart, which means that Dogecoin may soon rise by another 53% to reach the long-awaited price level of $0.4, consistent with the increase in market buying pressure. In the long term, it is $1-3, with 10 times growth space.

I am Penny A-penny8, a long-term coin hoarder. I don't touch contracts, and I don't recommend leverage. I make coins in a bear market and U in a bull market. If you are also such a person, then you are welcome to join the Penny team (no fees! No promotion! No return!).
 

Let us go through the bull and bear markets together, keep each other warm, and strive to be a thicker leek.