200 Million DOGE: Here's What Dogecoin Whales Are Doing

Dogecoin Whales Accumulate 200 Million; Price Consolidates

According to crypto analyst Ali, the past five days have witnessed significant Dogecoin accumulation by large holders, known as whales. Ali notes that since May 30, whales have increased their holdings by a substantial 200 million DOGE, indicating a period of accumulation.

Concurrently, the Dogecoin price has stabilized within a range since this date. After reaching highs of $0.174 on May 26, Dogecoin has traded sideways, a trend that persists today.

The accumulation of Dogecoin by whales is not surprising, as they often purchase during market downturns or periods of consolidation, seeking to acquire assets at discounted prices.

The trend of accumulation among Dogecoin whales emerged in late May, with blockchain data trackers observing significant DOGE transactions from wallets and exchanges. Ali reports that on May 31, Dogecoin whales purchased over 700 million DOGE within a 72-hour timeframe, valued at $112 million at the time.

This substantial accumulation suggests that whales may anticipate a significant price movement as the Dogecoin price consolidates.

Dogecoin Price Action

Currently, Dogecoin faces its next major resistance at $0.174. Ali predicts that overcoming this barrier could lead to a potential doubling of DOGE's value, with the next key resistance level around $0.322.

At the time of writing, Dogecoin has declined by 2.83% in the past 24 hours, trading at $0.157. A decline below the 50-day SMA at $0.1541 could shift the short-term market momentum towards bears, potentially leading to a drop towards $0.14. However, consolidation remains a possible scenario, with Dogecoin continuing to trade within a range between $0.18 and the 50-day SMA.

On the other hand, if Dogecoin rebounds, it may target the $0.174 level. A sustained breach above this level could pave the way for a move towards $0.21 in the short term.