Dogecoin Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally

Dogecoin Whales Prepare for Bullish Reversal

On-chain data indicates that Dogecoin (DOGE) whales are accumulating the meme coin ahead of a potential rally.

Whales Accumulate Millions of DOGE

On July 10th, Dogecoin whales purchased 364.38 million DOGE, marking an 868% surge from the previous day. This accumulation continued on July 12th with the acquisition of 114.71 million DOGE.

Metrics Suggest Bullish Trend

According to IntoTheBlock, most DOGE holders are now "in the money," indicating minimal selling pressure. Additionally, the $0.10 support level proved crucial in preventing significant declines.

Bitcoin Correlation Influences DOGE Rally

Dogecoin's positive price correlation with Bitcoin (BTC) is expected to contribute to its rally. As BTC recovers and aims for $60,000, DOGE is poised to follow suit.

Analyst Predictions

Analyst Kevin predicts a surge in DOGE if BTC continues its bull run. He projects a potential price target of $3.

Market Sentiment

While current conditions may not appear favorable, analysts remain bullish on Dogecoin. Altcoin Sherpa anticipates "big numbers" for the meme coin later this year, while Andrew Kang predicts new highs by the end of the year or early 2025.