Dogecoin (DOGE), renowned as the world’s largest meme coin, has recently captured significant attention from crypto enthusiasts, particularly during the latest market downturn. On December 21, 2024, a well-known crypto expert shared on X (formerly known as Twitter) that substantial crypto whales have amassed an impressive 250 million DOGE in the past few days.
Whales Purchase 250 Million DOGE
The notable accumulation by these crypto whales took place amidst the recent market dip, which was influenced by Jerome Powell’s anti-crypto sentiment as reported by CoinPedia. This strategic move by large investors highlights their confidence in DOGE’s potential even during times of market uncertainty.
Current Price Momentum
The effects of this substantial whale accumulation are evident in the recent price movements of DOGE. Data from CoinMarketCap reveals that the meme coin has surged by over 25% in the past 48 hours. Currently trading around $0.32, DOGE has experienced an 8% increase in just the last 24 hours.
Despite this impressive uptick, long-term holders seem to be steadily gathering more DOGE, as indicated by CoinGlass, an on-chain analytics firm. Their analysis of DOGE’s spot inflow/outflow data indicates that exchanges have recorded a significant outflow of $519.19 million worth of DOGE over the past week. This outflow metric is a strong indicator of assets being moved from exchanges to long-term holders’ wallets, suggesting potential for further upward momentum and presenting an opportune moment for buying.
Dogecoin (DOGE) Technical Analysis and Future Projections
Expert technical analysis reveals that Dogecoin is currently encountering robust resistance near the $0.346 mark. Should DOGE manage to surpass this resistance and close a daily candle above $0.36, there is a significant likelihood it could rise by an additional 25%, aiming for the next resistance level at $0.44 in the near future.
On a positive note, DOGE’s Relative Strength Index (RSI) is presently at 37.85, signaling a strong potential for upward momentum in the coming days. This suggests that DOGE may continue its upward trajectory, attracting more investors and traders eager to capitalize on its growth potential.
