Dogecoin (DOGE), renowned as the largest meme coin in the cryptocurrency sphere, has captured significant attention from crypto enthusiasts, especially during the recent market downturn. On December 21, 2024, a well-known crypto expert shared insights on X (formerly Twitter), revealing that crypto whales have amassed an impressive 250 million DOGE over the past few days. This accumulation has sparked considerable interest and discussion in the crypto community.
Whales Purchase 250 Million DOGE
The accumulation of such a vast amount of Dogecoin transpired amidst a market dip, which was significantly influenced by Jerome Powell’s anti-crypto stance, as reported by CoinPedia. This strategic move by crypto whales suggests a level of confidence in DOGE’s potential, even during periods of market uncertainty.
Current Price Momentum
The impact of this substantial accumulation is unmistakably reflected in Dogecoin’s price dynamics. According to CoinMarketCap, DOGE has experienced an impressive surge of over 25% in the past 48 hours. As of now, it is trading near $0.32, marking an 8% increase within the last 24 hours. Such rapid growth underscores the volatile yet promising nature of meme coins.
Despite this notable appreciation, long-term holders continue to accumulate Dogecoin, as highlighted by on-chain analytics from CoinGlass. Recent data reveals that exchanges have witnessed a substantial outflow of $519.19 million worth of DOGE over the past week. This outflow, an on-chain metric indicating asset withdrawals from exchanges to long-term holders’ wallets, may signal upward momentum and present an ideal buying opportunity for investors seeking to capitalize on DOGE’s potential.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
Technical analysis by experts indicates that Dogecoin is currently confronting significant resistance near the $0.346 level. Recent price actions suggest that if DOGE successfully breaches this resistance and closes a daily candle above $0.36, it stands a strong chance of climbing by an additional 25%, potentially reaching the next resistance level at $0.44 in the near future.
On a positive note, DOGE’s Relative Strength Index (RSI) is currently positioned at 37.85, pointing towards a strong likelihood of upward momentum in the coming days. This technical indicator adds a layer of optimism for traders and investors closely monitoring Dogecoin’s price movements.
As Dogecoin continues to navigate the complexities of the crypto market, it remains a focal point for both seasoned investors and newcomers eager to explore the dynamic world of cryptocurrencies. Stay informed and keep a close watch on DOGE’s performance as it unfolds in the ever-evolving crypto landscape.
