Dogecoin (DOGE) whales are back, grabbing the spotlight in the crypto sphere with a recent 1.4 billion DOGE buying spree. This huge buy comes as chart expert Peter Brandt spots a technical pattern that indicates a potential breakout on the horizon.
DOGE Whales Go On A Buying Rampage
In a recent post on X (aka Twitter), popular crypto analyst Ali Martinez revealed that Dogecoin whale activity is rising. Martinez noted that some Dogecoin whales are exhibiting renewed appetite for the canine-themed meme coin, scooping up a whopping 1.4 billion DOGE tokens worth roughly $140 million in the span of just 48 hours.
#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V
— Ali (@ali_charts) September 26, 2024
This sudden increase in whale activity often signals greater institutional or deep-pocketed investor interest, which could boost Dogecoin’s liquidity and light a fire under the bulls.
The accumulation by Dogecoin whales suggests huge players are anticipating further price increases in the foreseeable future.
“Get Along Little Doggie”
Legendary trader Peter Brandt observed that Dogecoin is breaking out of a descending channel. In technical jargon, a descending channel happens when a crypto has charted a series of lower highs and lower lows. Notably, the meme-inspired crypto has been trading in a falling channel for about half a year, creating a sense of ennui for many investors.
Before the descending channel, DOGE had been moving inside a horizontal channel between the $0.05 lower trend line and $0.1181 for two years — from July 2022 to July 2024 — before topping 21 cents in March.
As such, a potential upside break of this falling channel could be considered a sign of a long-term bearish-to-bullish trend change. “Get along, little doggie,” Brandt summarized.
Channel breakout in $DOGE/USDTLonger term chart could be constructive as wellGet along little doggie pic.twitter.com/EHMP1inBlj
— Peter Brandt (@PeterLBrandt) September 26, 2024
As the broader cryptocurrency market shows signs of recovery, Dogecoin (DOGE) is riding the wave of bullish momentum. Over the past week, the popular memecoin has seen an 18.5% growth, with a further 4.5% rise in the last 24 hours. This upswing brings DOGE’s current trading price of $0.129.
This follows one of Dogecoin’s co-founders, Billy Markus, urging the U.S. Securities and Exchange Commission chair to acknowledge DOGE’s non-security status since it basically uses the same code as Bitcoin (BTC).
