Whales purchase 250 million DOGE, can buy Dogecoin?

Dogecoin (DOGE) is the largest meme coin in the world, garnering significant attention from crypto enthusiasts during the recent market downturn. On December 21, 2024, a prominent crypto expert posted on X (formerly Twitter) stating that crypto whales accumulated 250 million DOGE in the past few days.

Whales purchase 250 million DOGE

However, the post on X pointed out that this massive accumulation occurred during the recent market downturn, following Jerome Powell's anti-crypto stance, according to Crypto360.

Current price momentum

Meanwhile, the impact of this large accumulation is currently reflected in the price of DOGE. According to data from CoinMarketCap, this meme coin has surged over 25% in the past 48 hours. Its current trading price is close to $0.32, having risen 8% in the past 24 hours.

Despite significant gains, long-term holders appear to still be accumulating tokens, according to on-chain analytics firm CoinGlass. DOGE's spot inflow/outflow data indicates that exchanges have witnessed a massive outflow of DOGE worth $519.19 million over the past 7 days.

Outflow is an on-chain indicator that denotes assets being transferred from exchanges to long-term holders' wallets. This may signal upward momentum and suggest an ideal buying opportunity.

Dogecoin (DOGE) technical analysis and upcoming levels

According to expert technical analysis, this meme token currently faces strong resistance near $0.346. Based on recent price trends, if DOGE breaks through this resistance and closes above $0.36, it is highly likely to surge 25%, reaching the next resistance level of $0.44 in the near future.

DOGE

On a positive note, DOGE's relative strength index (RSI) currently stands at 37.85, indicating significant upward momentum in the coming days.

I think we can set up a position near 0.3 for a potential breakout; a bull market at 1u is not a dream.