Time to Buy DOGE? Whale Buys 175 Million Dogecoin

Dogecoin (DOGE) Accumulation and Bullish Momentum

On January 27, 2025, the cryptocurrency market witnessed a decline, but Dogecoin (DOGE) attracted significant attention.

Whale Accumulation

A notable transaction by a crypto whale was observed, involving the transfer of 175.27 million DOGE to an unknown wallet.

Exchange Outflows

On-chain data from Coinglass indicates an outflow of $72 million worth of DOGE from exchanges over the past 48 hours. This suggests accumulation and a potential buying opportunity.

Price Momentum and Trading Activity

DOGE is currently trading near $0.32, showing a 9.14% decline in the past 24 hours. However, its trading volume has surged by 180%, indicating increased participation.

Bullish Sentiment

Crypto whales appear to be capitalizing on DOGE's recent price drop. Intraday traders are also betting on the long side, with the Long/Short ratio at 1.15 and 53.50% of top traders holding long positions.

Technical Analysis

Technical analysis shows DOGE approaching a crucial support level of $0.30. Historically, this support has provided buying pressure, leading to upside momentum. DOGE could potentially rise by 30% and reach $0.42 in the near future.