Dogecoin is currently preparing for a significant price surge as large investors, often referred to as 'whales,' have accumulated 550 million DOGE.
Increase Total Token Holdings to 20.6 Billion
Cryptocurrency whale investors are taking advantage of the recent dip in Dogecoin to significantly increase their holdings in preparation for a price surge.
Market analyst Ali Martinez has highlighted this trend and noted that these large investors bought over 550 million DOGE, worth $214.5 million, just in the past week.
These whales typically hold between 10 million to 100 million DOGE tokens and make purchases when the price of Dogecoin stabilizes around $0.36 to $0.38.
After a significant price drop from $0.4350 on November 12, they added 140 million tokens to their portfolio, bringing the total to 20.6 billion DOGE.
This wealthy group of investors has been continuously accumulating Dogecoin over the past two months, showing a buying trend based on price movements.
With Dogecoin now preparing to break out of a short-term consolidation phase, these whales are positioning themselves for potential bullish momentum.
As of now, Dogecoin is trading at $0.3843, down 1.24% in the past day, while other meme coins are also facing challenges despite Bitcoin soaring to $100,000.
Previously, Martinez predicted that Dogecoin could rise by up to 120%, forecasting a price of $0.82 if it maintains support at $0.37.
He also noted that after breaking out of the current consolidation process, Dogecoin will face resistance at $0.4400, with further challenges at $0.5500 and $0.6500, potentially paving the way for a rise to $1.
Additionally, he pointed out that Dogecoin still has plenty of room for growth as data from Google Trends shows that the popularity of this coin has not yet peaked, although it recently surged to a multi-year high.
