The crypto market rebounded heading into Christmas Day, with traders hoping for a holiday rally of various crypto assets. Amid the expectations on the crypto market, whales, or large holders, are making significant moves.
According to Ali, a crypto analyst, whales have bought 270 million Dogecoin (DOGE) in the last 96 hours. This substantial acquisition is worth approximately $89.64 million at current market prices, sparking speculation about what might be brewing.
Whales bought 270 million #Dogecoin $DOGE in the last 96 hours! pic.twitter.com/b86lCyGDsr
— Ali (@ali_charts) December 24, 2024
Such accumulation is typically seen during periods of consolidation or price dips, where large holders, or whales, take advantage of lower prices to increase their positions. DOGE is now consolidating after a major market sell-off, which saw its price drop to $0.261 on Dec. 20.
This trend in Dogecoin could suggest that whales are positioning themselves for a potential price increase or new developments inside the Dogecoin ecosystem.
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The Dogecoin Foundation, a nonprofit organization committed to Dogecoin's development and growth, has been working on integrating software — libraries and services targeted at bridging the gap as a payment mechanism, as well as developing tools for grassroots adoption in emerging economies.
According to a recent Dogecoin ecosystem report 2024, the Dogecoin Foundation hinted that open-source software is now approaching the point where it is ready for adoption, presenting an opportunity for numerous for-profit businesses to take these tools and commercialize them to help bring Dogecoin payment solutions to a wider nontechnical audience.
What's next for Dogecoin's price?
Dogecoin has traded in a range since recovering from a low of $0.261 on Dec. 20. In a two-day rise, Dogecoin reached a high of $0.34 on Dec. 24. At the time of writing,Dogecoin was up 3.93% in the last 24 hours to $0.332 and down 15% weekly.
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On the upside, Dogecoin may encounter resistance at $0.349, ahead of the daily MA 50 at $0.373. Dogecoin may then rise to $0.43, which is expected to serve as a strong resistance. In the case of a price decrease, support is expected at $0.27 and $0.23, with the daily SMA 200 at $0.182.
