Dogecoin whales have bought 400M DOGE since May 30, adding to 700M bought earlier the same day.
Despite higher trading volume, Dogecoin’s price fell by 2.56% to $0.1573.
Dogecoin (DOGE), the leading meme coin, has recently garnered significant interest from crypto investors, sparking expectations of a potential upward trend despite recent price dips. Further whale activity has been observed, indicating a bullish outlook for DOGE.
Crypto analyst Ali Martinez highlighted on X (formerly Twitter) that DOGE whales have accumulated over 400 million DOGE, valued at $63.56 million at the current price, since May 30. This recent purchase adds to the 700 million DOGE bought earlier the same day, signaling strong confidence among major investors.
This surge in whale activity aligns with a broader trend of crypto investors moving towards meme coins. By June 4, DOGE’s daily trading volume had increased by over 10%, reaching $840 million, contrasting sharply with the previous seven-day high. However, Dogecoin’s price has struggled to stay above key moving averages.
Dogecoin Price Struggles Despite Increased Activity
Recent market updates suggest that traders are shifting focus to high-beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE). These tokens are currently among the top 10 for open interest, with Shiba Inu and Pepe recording notable gains in recent days.
Investors seem to be heading up DOGE in anticipation of a price surge. Despite lagging behind other top meme coins over the past week, the current trends suggest that Dogecoin might soon experience a significant run.
According to the 24-hour price chart, if the current trend continues, DOGE could rise to $0.1765. However, failing to maintain a position above $0.1521 could trigger a decline, potentially dropping the price to $0.1287.
At the time of writing, Dogecoin’s price had dropped by 2.11% to $0.1588, with a market cap of $22.95 billion. Despite the recent price dip, DOGE has seen a year-to-date increase of approximately 78%. Further, according to CoinGlass derivatives data, Dogecoin Futures Open Interest decreased by 2.55% to $918.95 million.
