Dogecoin Whales Waking up With 1 Billion DOGE Buy-up

Dogecoin Whales Resurface with Massive Purchase

Dogecoin (DOGE) whales have made a significant comeback, according to on-chain data. As noted by analyst Ali Martinez, DOGE whales have acquired one billion coins in the past 24 hours. This move suggests renewed interest in the cryptocurrency despite the current market downturn.

Dogecoin's Rebirth

Despite the bearish conditions prevailing in the crypto market, Dogecoin's sustained interest is noteworthy. Since October, the digital currency ecosystem has been in a downward trend due to geopolitical tensions.

However, Dogecoin's price has shown signs of recovery in recent days. As of this writing, DOGE has surged by 1.79% in 24 hours, trading at $0.1078. Analysts attribute this positive trend to the recent whale acquisitions.

Whale Influence

Martinez estimates that the DOGE purchased by whales is worth over $108 million. This suggests that these investors view the recent price dip as an opportunity to increase their holdings at a discount.

Over the past few months, Dogecoin whales have consistently taken advantage of price fluctuations to accumulate more coins.

Price Target of $0.20

During the recent sell-off, DOGE briefly traded below $0.09. However, its rapid recovery has reignited enthusiasm for a potential price surge.

Analysts now believe that DOGE has a target price of $0.20, a level it hasn't reached since April. With continued whale support, achieving this goal in the coming weeks seems feasible.

For the time being, DOGE's price gains outpace those of its rival, Shiba Inu, indicating further potential growth.