Key Takeaways:
- Whales have acquired over 500 million DOGE since March 31.
- The accumulation comes as Dogecoin's price has seen little movement.
- Large holder accumulation often precedes potential price increases.
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Dogecoin Whales Add 500 Million Coins as Price Remains Stagnant
Dogecoin (DOGE) has seen a significant accumulation of 500 million coins by large-scale investors since March 31, even as the token’s price remains in a tight range.
"Dogecoin whales have bought over 500 million $DOGE in the past week," on-chain analyst Ali Martinez said in a recent market update.
The accumulation, valued at approximately $80 million, points to a growing conviction among major holders. This follows a trend seen in other memecoins like Shiba Inu (SHIB) and Pepe (PEPE), where whale activity has also been on the rise.
This large-scale buying could lead to a supply shock on exchanges, potentially driving the price above the key $0.17 resistance level if broader market demand increases. The next major resistance for DOGE is seen at the $0.20 mark.
The recent buying spree by Dogecoin whales contrasts with the token's relatively flat price action, which has been trading between $0.15 and $0.17 for the past two weeks. This divergence between accumulation and price is often interpreted as a bullish signal by market participants. The reduction in circulating supply, as more coins move into private wallets for long-term holding, can create upward pressure on the price when new buyers enter the market.
The trend is not isolated to Dogecoin. Across the memecoin sector, there has been a noticeable increase in large transactions. This could indicate a coordinated move by wealthy investors to enter the volatile but potentially high-reward corner of the crypto market. For comparison, Bitcoin (BTC) has seen a period of consolidation, which often leads investors to seek opportunities in altcoins.
From a technical standpoint, Dogecoin's price needs to break and hold above the $0.17 level to confirm a bullish continuation. A failure to do so could see the price retest support at the $0.14 level. The on-chain data, however, suggests that large holders are betting on a move to the upside.
This article is for informational purposes only and does not constitute investment advice.
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