TLDR
- Whale transactions in Dogecoin reached a monthly peak with over 100 large transactions.
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2 billion DOGE were accumulated by whales, worth about $500 million at current prices.
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Dogecoin’s price surged after whale activity, approaching key resistance levels around $0.25.
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Analysts predict potential price movements depending on Dogecoin’s ability to maintain key support levels.
Dogecoin whale activity has surged to its highest level in a month, as large holders of the meme coin accumulated around 2 billion DOGE in just seven days. Data from market analyst Ali Martinez revealed that transactions above $1 million exceeded 100 on August 13, coinciding with a rally in Dogecoin’s price, which briefly tested the $0.25 mark. This uptick follows a 26% recovery from early August lows of around $0.195.
Martinez noted that this surge in whale transactions marks the most active day for large holders since mid-July, with daily whale transactions previously ranging between 20 and 60. The increase in activity reflects growing investor interest and the possible anticipation of further price movements.
Whales Accumulate 2 Billion DOGE
Over the past week, whales holding between 100 million and 1 billion DOGE tokens accumulated 2 billion tokens, worth approximately $500 million at current prices. This buying spree has raised the total holdings of this cohort to 27.6 billion DOGE, the highest seen in over a month.
This large accumulation could be a sign of confidence in Dogecoin’s future potential, as these whales now control a significant portion of the total supply.
The accumulation also aligns with the ongoing recovery in Dogecoin’s price, which has recently bounced back from a low point in early August. These movements by large holders could be viewed as a signal that they expect further bullish trends.
Dogecoin’s Price Recovery Mirrors Whale Transactions
The surge in whale activity coincided with a rebound in Dogecoin’s price, which rose above $0.24 by August 7 after dipping to a monthly low of $0.195 earlier in the month. The latest surge in whale activity followed the price increase to $0.246, just under the key resistance zone of $0.25–$0.252 that has capped several recent rallies.
- Source: X
Despite the recent price gains, Dogecoin has yet to break above the $0.25 resistance level, and it has experienced a 9.5% drop in the past day.
This decline mirrors the broader market trends, with Bitcoin also seeing a 3.3% drop. The ability of Dogecoin to break through this resistance zone will be a crucial indicator of whether the price can continue its upward trajectory.
Analysts Weigh in on Dogecoin’s Future Price Movements
The recent whale accumulation and price movements have led to mixed predictions from analysts regarding Dogecoin’s future. Trader Tardigrade, an analyst in the crypto space, noted that Dogecoin’s weekly chart mirrors the pre-2021 rally setup, with prices consolidating between $0.15 and $0.30. The formation of higher lows is seen as a positive sign, and a breakout above $0.30 could potentially push the price to $0.45 and even $0.70 if momentum builds.
- Source: X
On the other hand, pseudonymous analyst Alien Ovicho pointed out that Dogecoin is currently in a short-term pullback after completing a five-wave rally from its August 3 low. The 4-hour chart indicates that Dogecoin may test the $0.24 level before potentially dipping to the $0.21–$0.206 range. Ovicho believes that if the price holds above the $0.188 support level, it could maintain its bullish structure and continue to push upward.
While predictions vary, analysts agree that Dogecoin’s short-term trajectory will depend on its ability to hold key support levels and break through resistance zones. With strong whale activity and a growing base of holders, the future of Dogecoin remains one to watch closely.
