Dogecoin whale activity and bullish technicals point to potential upside

Dogecoin surged over 20% in the past week as whales accumulated more than $6 billion DOGE, driven by strong bullish technical indicators.

According to an X post by analyst Ali Martinez, whales reportedly bought over 1.08 billion DOGE on Jan. 3, worth around $413 million at that time.

The following day, another whale transferred 5 billion DOGE, valued at approximately $2 billion at the time, to an unknown address to become the fourth largest holder of the meme coin.

Data from the analytics platform Santiment showcases an uptick in whale transactions of over one million dollars for Dogecoin over the past week.Whale accumulation is typically viewed as a major bullish signal for an asset, as these deep-pocketed players are often more skilled at identifying market trends and making timely investments in assets that have the potential for long-term gains.

Further, the meme coin’s daily active addresses have also spiked in the past week, hinting at increased investor activity, which is generally considered an indicator of positive investor sentiment and robust network health.Another factor driving DOGE’s recent momentum is speculation surrounding Elon Musk’s plans to launch a payments system on his X platform. As a long-time Dogecoin advocate, Musk has previously showcased his support by temporarily accepting DOGE for Tesla payments and frequently endorsing the meme coin on social media.$DOGE #doge⚡ #NonFarmPayrollsImpact #BinanceAlphaAlert $SHIB