Whales pour $110 million into DOGE, betting big on meme coin surge

Dogecoin Shows Signs of Revival, Whales Invest $110 Million

Increased Whale Activity Fuels DOGE Sentiment

Dogecoin (DOGE) has garnered substantial attention from investors, with whales injecting $110 million into the meme coin over the past 72 hours. This influx indicates a renewed interest in DOGE, which has been lagging behind its counterparts.

Crypto analyst Ali Martinez highlighted this trend in a tweet, revealing that DOGE whales have accumulated over 700 million DOGE, worth approximately $112 million.

Traders Shift Focus to High-Beta Meme Tokens

This whale activity aligns with a broader shift among traders toward high-beta meme tokens, such as Shiba Inu (SHIB) and Pepe (PEPE). According to QCP Capital, a crypto-trading firm based in Singapore, traders are focusing on legacy meme coins.

"Traders are shifting their focus to higher beta meme tokens like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE), which have seen double-digit gains and are polling in the top 10 for open interest."

Dogecoin Poised for a Bull Run

Adding to the optimism, crypto expert Michael van de Poppe predicted in a tweet that Dogecoin is set for a massive breakout, potentially resulting in a 566% surge to reach the $1 mark. This threshold has been a long-standing target for the meme cryptocurrency.

Market Sentiment and Price Action

Initially, Dogecoin gained immense popularity and triggered a bull run. However, trader activity waned over time, lowering the token's volatility. This recent whale activity suggests a potential reversal.

Dogecoin has remained below $0.18 for over a month, and a strong rebound could trigger a fresh rally. At the time of writing, DOGE is trading at $0.1576, reflecting a slight daily decline but an 18% monthly increase.

Technical Analysis

The Moving Average Convergence Divergence (MACD) indicator has turned bullish, indicating potential momentum continuation. DOGE found support after dipping to $0.1549 despite a brief downturn.

Bearish Risks

Open interest (OI) and derivatives volume have declined, suggesting underlying bearish sentiment. However, the substantial whale activity overpowers these bearish indicators, projecting a positive outlook.

Conclusion

While Dogecoin is striving to maintain its bullish trend, investors should monitor the bearish indicators. A rally may materialize if bulls maintain strength, potentially leading to significant gains for the meme coin.