Dogecoin price: what’s next after whales buy 90M DOGE?

Whales are capitalizing on the recent market downturn, strategically scooping up Dogecoin (DOGE) at discounted prices.

According to crypto analyst Ali Martinez, these large Dogecoin holders, believing the meme coin has yet to reach its peak potential, have accumulated over 90 million DOGE in their portfolios.

Notably, these “buy the dip” transactions occurred within a brief 48-hour window.

The DOGE token’s price has shown a slight positive response to this whale activity, with bulls attempting to establish a new support zone above $0.30.

However, this uptick coincides with a continued decline in Dogecoin’s daily trading volume.

Data from CoinGecko reveals that, despite a volume exceeding $2.4 billion, the meme coin experienced a 9% drop in trading volume over the past 24 hours.

With DOGE currently priced at $0.32, the 90 million DOGE acquired by whales within the last 48 hours is valued at approximately $28 million.

Dogecoin whales buy the dip

Dogecoin previously reached highs of $0.48 in November, amidst a broader crypto market surge fueled by Bitcoin’s climb to a new all-time high above $100,000.

Bitcoin (BTC) subsequently peaked above $108,000 before retracting to its current level near $95,600.

Amidst this widespread market correction, Dogecoin fell below critical support levels at $0.40 and $0.30.

This environment, marked by profit-taking across major altcoins, presented a compelling buying opportunity for whales.

On December 27th, crypto analyst Ali Martinez highlighted this whale strategy, stating that large holders of the original dog-themed meme coin had leveraged the downturn to acquire over 90 million DOGE within 48 hours.

This observation was shared on his X (formerly Twitter) account.

Interestingly, this surge in Dogecoin purchases also coincided with other meme coins, like MOODENG, showing some positive price movement.

What next for DOGE price?

Pseudonymous crypto trader and analyst, Trader Tardigrade, suggests that the current price action for DOGE indicates a potential bottoming out.

This assessment is based on bulls’ efforts to solidify support above $0.30, after a successful breakout and retest of this level.

The analyst points to a spinning top candlestick pattern and the weekly RSI as key indicators of a potential upside flip.

Meanwhile, Ali says the Dogecoin token is showing a potential buy signal signal on the four-hour chart.

He anticipates a bounce for the meme coin.

In terms of the whale activity around Dogecoin, the dip below $0.30 provided a major buy opportunity.

Earlier in the week, Ali noted that whales had purchased an impressive 270 million DOGE tokens in four days.

The purchase isn’t isolated though as whales have been on a Dogecoin buying spree for much of December.

According to data from IntoTheBlock, the number of large transactions on the Dogecoin network rose in the weeks that saw prices soar to multi-month highs.

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