- Dogecoin has experienced a significant reversal, retracing over 50% of its recent gains as investors take profits.
- Contrary to the profit-taking trend, large holders (whales) are accumulating more DOGE, indicating continued confidence in its potential.
- Crypto analyst Ali Martinez noted on X that some DOGE whales have acquired over 60 million DOGE in the past 24 hours, according to Santiment data.
Despite recent profit-taking, Dogecoin’s whale accumulation suggests bullish momentum remains strong. Discover the latest in DOGE whale activity and what it means for the future price action.
Whale Accumulation Amid Profit-Taking
This week, Dogecoin’s price momentum has been under pressure as investors begin taking profits. Currently, DOGE has retraced approximately 50% of its earlier gains. However, a noteworthy observation comes from the remarkable buying activity by large DOGE holders known as whales. Recently, data unveiled by Ali Martinez on X, and sourced from Santiment, shows that some of these heavyweights have bought over 60 million DOGE in just the last 24 hours.
Analyzing Whale Behavior and Market Impact
Dogecoin’s buying frenzy among whales and retail traders drove the price surge to a peak of $0.1269 earlier this week. While the price has since pulled back by about 6%, the purchasing activity hasn’t waned. Particularly, whales, identified as addresses containing between 1 million and 10 million DOGE, continue to amass holdings. Martinez’s analysis reveals that their collective stash has now reached 10.5 billion DOGE tokens, a year-to-date high, reinforcing the bullish sentiment.
Continued Bullish Sentiment Among Large Holders
Further supporting the bullish outlook, Santiment chart data reveals that addresses holding between 10 million and 100 million DOGE have bought approximately 160 million DOGE over a 48-hour period. This consistent accumulation across different large holder categories suggests that significant players in the market maintain a positive outlook on DOGE’s long-term value.
Potential Short-Term Price Movement
While Dogecoin is currently trading at around $0.1192, down by 2% in the past 24 hours, the impact of ongoing whale accumulation has not yet fully manifested in the price. Should this buying pressure sustain, it could set the stage for a significant upward price movement. Specifically, Dogecoin is trading near a significant order block at $0.117; a bounce from this level could see DOGE challenging the resistance at $0.1266—a level it has struggled to break in the past month.
Conclusion
The recent actions of Dogecoin whales signal continued optimism despite a broader market pullback. The sustained buying activity suggests a bullish medium to long-term forecast. Investors and traders should monitor these whale movements closely as they offer critical insights into potential future price trajectories. As new capital flows into DOGE, the cryptocurrency market may witness enhanced volatility and growth opportunities.
