Whales Accumulate 160M Dogecoin Despite Current Dip, Could This Propel Prices 85% Higher?

Dogecoin Whales Accumulate Tokens, Signaling Bullish Outlook

Despite a price dip, Dogecoin (DOGE) whales are accumulating tokens, amassing 160 million DOGE as bullish sentiment returns to the market. The move hints at a potential rally of 85% above its all-time high.

Dogecoin's price currently fluctuates between $0.39 and $0.48 after a rebound, echoing its price action from early 2021. Consolidation followed a significant rise before a breakout.

Whale Activity and Market Dynamics

Whale activity has garnered attention, with whales purchasing $160 million in DOGE. Cryptocurrency analyst Ali Martinez highlighted another whale purchase of 210 million DOGE during a price correction.

Technical indicators support a bullish outlook. The MACD crossover on the 4-hour chart signals positive momentum. The RSI value of 47.9 indicates a balance between buying and selling pressures, often preceding significant price movements.

Large Investor Holdings

The number of addresses holding over 1 million DOGE has reached a new high, totaling 130.2 billion DOGE. This accumulation mirrors the trend observed during the 2021 rally, indicating a positive outlook.

Ecosystem Upgrades

The Dogecoin Foundation has announced upgrades to enhance the ecosystem, including the Dogebox Decentralized Infrastructure System. This system aims to facilitate the adoption of DOGE as a direct payment method by grassroots retailers.

Current Market Data

As of the latest update, Dogecoin's price stands at $0.4097, up 0.97% over the past 24 hours. Its market capitalization is $60 billion, with a 24-hour trading volume of $3 billion, down 27.05%.