Dogecoin Whales Accumulate as DOGE Indicators Signal Price Rally

Dogecoin Whales Accumulate, Signaling Price Rally

Dogecoin's large-scale investors, known as whales, have made a significant move in the cryptocurrency market.

According to data from Santiment and market analyst Ali Martinez, whales holding between 10 million and 1 billion Dogecoin acquired approximately 1.08 billion DOGE within 24 hours as of January 2, 2025. This has increased their collective holdings to 46.36 billion tokens, representing 31% of Dogecoin's total supply.

This marks the whales' first substantial accumulation since their sell-off in December 2024, following resistance at $0.4844. Their renewed buying activity indicates growing optimism.

Wyckoff Analysis Suggests Market Cycle Progression

Crypto analyst Trader Tardigrade has shared insights into Dogecoin's price movement through Wyckoff Logic.

In a recent tweet, Tardigrade emphasizes that Dogecoin is currently in the "Mark Up" phase of the Wyckoff market cycle. This phase, characterized by price appreciation, follows the "Jump The Creek" structure—a pattern often preceding significant price increases.

According to the analysis, Dogecoin has completed the initial wave of this phase. Further price intensification is anticipated, potentially leading to a "Blow-Off Top" before transitioning into the subsequent Distribution and Mark Down phases.

Supertrend Indicator Turns Bullish

Another positive indicator for Dogecoin is the Supertrend on its 3-month chart. As noted by Crypto Surf, this indicator turned green at the beginning of January 2025, marking its first bullish signal since January 2022.

Historically, such signals have preceded price surges. For instance, after flipping green in April 2017, Dogecoin experienced significant increases in 2018 and 2021.

At the time of writing, DOGE trades at $0.3382 with a daily trading volume of $2.8 billion. This represents a 1.29% and an 8.61% increase in price over the past day and week, respectively. This aligns with the overall bullish sentiment driven by whale accumulation and technical indicators.