Whales purchased 250 million DOGE, can they buy Dogecoin?

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

Whales bought 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

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

Despite the significant gains, according to on-chain analytics company CoinGlass, long-term holders seem to be continuously accumulating tokens. DOGE’s spot inflow/outflow data shows that exchanges have witnessed significant outflows of DOGE worth $519.19 million in the past 7 days.

Outflows are an on-chain indicator that indicates assets moving from exchanges to long-term holders' wallets. This could 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 around $0.346. Based on recent price trends, if DOGE breaks this resistance level and closes above $0.36, it is likely to soar by 25% and reach the next resistance level of $0.44 in the near future.

DOGE

On the positive side, DOGE’s Relative Strength Index (RSI) is currently at 37.85, indicating significant upward momentum in the coming days.

I think around 0.3 for Dogecoin is a good opportunity to position for a wave; a bull market at 1 USD is not a dream.