Dogecoin price prediction as whales add 1 billion DOGE in a week

Dogecoin Whales Accumulate, Signaling Bullish Intent

Dogecoin (DOGE) whales have recently exhibited increased interest, accumulating over 1 billion coins in the past week, worth approximately $157 million. This bullish accumulation is evident from data retrieved by Finbold from Santiment.

Whale Holdings and Accumulation

As of June 4th, Dogecoin whales holding addresses between 100 million and 1 billion DOGE possessed 31.15 billion DOGE, valued at $0.157 per coin. This represents a significant increase from May 27th, when these whales held 30.10 billion DOGE, indicating a bullish accumulation of 1.05 billion coins.

Whale Accumulation Patterns

Cryptocurrency trader and on-chain analyst Ali Martinez has observed similar whale accumulation patterns in recent days. Martinez reported a 700 million DOGE accumulation between May 28th and 31st, worth $110 million, followed by another 200 million DOGE accumulation between May 30th and June 4th.

Dogecoin Price Prediction

Since February, when DOGE was trading at approximately $0.085, its price has nearly doubled. If the pattern of whale accumulation and price action observed in the past plays out, DOGE could experience a surge above $0.22, a level reached in March.

Technical Analysis and Potential Targets

Ali Martinez has also analyzed DOGE's price drop from March's highs, showing that it broke out from a descending triangle. This pattern suggests another bullish cycle, similar to those seen in 2017 and 2021. Historically, drops of 40% and 56% have preceded significant pumps in DOGE's price.

Martinez believes DOGE could reach a first target of $1, with potential further upside to $6. However, it's important to note that these projections assume market capitalizations of $144 billion and $864 billion, respectively, which are significant.

Conclusion

Dogecoin whales' recent accumulation of 1 billion coins signals bullish intentions. Technical analysis also suggests potential price gains above $1 per coin. However, economic fundamentals may challenge the achievement of such high targets.

Disclaimer: This information should not be construed as investment advice. Investing involves risk, and it's important to conduct thorough research before making any investment decisions.