Dogecoin Whales Invests $100 Million in DOGE: Is a Bull Market on the Horizon?🤯💥📈

Click To Get Free Reward Here 💰

Dogecoin (DOGE) whales, especially those holding between 100 million and 1 billion coins, have been accumulating since May 28. According to data obtained by AMBCrypto from Santiment, these purchases totaled more than $100 million. This accumulation increased the supply held by this group from 20.69% to 21.40%, as evidenced by the balance of addresses. This increase in buying activity could have a positive impact on the price of DOGE.

DOGE Ready for a rally?

The growing demand for DOGE signals a potential price increase. At the time of writing, Dogecoin price was at $0.15, with little movement over the past week. However, increased whale accumulation could lead to a breakout, possibly pushing the price above $0.20, similar to its March surge.

For this bullish forecast to hold true, other metrics must align. Otherwise, the DOGE price could fall as low as $0.12. AMBCrypto analyzed the coin’s price potential by looking at the coin’s average age (MCA).

Old coins return to safekeeping

An increasing average coin age generally indicates that older coins are moving between wallets, often leading to distribution and falling prices. Since the beginning of April, the 90-day MCA increased until May 29, causing DOGE to fluctuate between $0.13 and $0.16. However, the MCA has fallen over the past three days, suggesting that more holders prefer to hold their coins directly rather than on exchanges. This change could support a potential rise in DOGE prices.#StartInvestingInCrypto#ETHETFsApproved#FIT21#altcoins

Disclaimer: Includes third party opinions. This is not financial advice. May include content