Crypto whales bullish on Dogecoin, adds 700M DOGE amid price dip

Dogecoin Whales Accumulate Amid Market Uncertainty

Speculation surrounding a potential FED rate cut impacts the overall market, with leading cryptocurrencies like Bitcoin, Ethereum, Solana, and Dogecoin experiencing sideways movement. Despite this, crypto whales perceive the current situation as a buying opportunity.

Dogecoin Whales Acquire 700 Million Tokens

According to data from Santiment, Dogecoin whales have acquired a substantial 700 million DOGE tokens, valued at $112 million, over the past three days.

Analyst Highlights High Potential

Prominent trader from X (formerly Twitter) also shared the report. Despite the large purchase, DOGE's price and open interest rate remained stable. However, a significant price spike remains possible.

Dogecoin's Price Performance

At present, DOGE trades near $0.159. In the past 24 hours, it has shown a 0.76% gain, notably lower than other meme coins like WIF, PEPE, FLOKI, and BONK. Over the past seven days, DOGE has exhibited stability with a 0.6% rise. In the last 30 days, it has registered a modest 15% upside momentum.

Technical Analysis and Key Levels

Technical analysis suggests a bullish outlook for Dogecoin. It currently rests at a crucial support level defined by the trendline and the 200 EMA. Two scenarios emerge:

• Bullish: Candle close above $0.165 on a 4-hour timeframe could initiate a rally towards $0.175.
• Bearish: Candle close below the 200 EMA and $0.157 on a 4-hour timeframe could trigger a significant price decline.

Meme Coin Popularity

Other meme coins, including SHIB, WIF, FLOKI, BONK, and others, continue to attract attention from enthusiasts, experiencing notable price surges. Ethereum-based meme coins have also seen significant gains.