140,000,000 Dogecoin (DOGE) Absorbed Overnight in Epic Whale Bullish Activity

Dogecoin: Whales Accumulate, Signaling Potential Breakout

Popular analyst Ali Martinez has revealed a significant on-chain development involving Dogecoin (DOGE). According to the data, major investors have collectively purchased 140 million DOGE in the past 24 hours.

This acquisition, valued at $56 million, represents over 2% of DOGE's daily trading volume. It suggests a surge in interest from whales, defined as wallets holding between 1 million and 100 million DOGE.

Technical Outlook

Currently, DOGE's price is hovering around $0.40, a major resistance zone. The influx of whale buying may indicate a potential breakout above this level.

If successful, the price could rise to $0.46, the next resistance level and DOGE's highest point in 2024. Further upside potential remains, given the all-time high of $0.75 set in 2021 and Bitcoin's continued value appreciation.

Market Sentiment

This whale accumulation could also reflect optimism in the broader altcoin market. It raises speculation that Dogecoin, with its loyal community and positive momentum, could reclaim its former glory.

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