Crypto whales have capitalized on the recent Dogecoin discount sales to massively load up their bags for the next wave of explosive price growth.
Market observer Ali Martinez drew public attention to the recent whale accumulation spree. Citing data from Santiment, Martinez disclosed that whales have acquired over 550 million DOGE worth $214.5 million over the past week.
Whales Buying More Dogecoin
Notably, these whales typically hold between 10 million and 100 million Dogecoin tokens. They engaged in the latest acquisition while Dogecoin’s price consolidated around the $0.36 to $0.38 range in the last week.
Furthermore, when Dogecoin first encountered its notable dump since hitting $0.4350 on November 12, data from Santiment showed that these same whales even added 140 million tokens to their holdings. At that time, their portfolio rose to 19.9 billion DOGE tokens. Interestingly, following the latest buying spree, their holdings have reached 20.6 billion DOGE tokens.
This tier of high-net-worth investors has continued to accumulate over the past two months. The accumulation shows a passive trend alongside Dogecoin’s price performance in October. However, as Dogecoin’s price spiked significantly in the first week of November, their holdings mirrored the trend.
Now that Dogecoin is about to break out of its short-term consolidation, the whales are positioning themselves for the upcoming momentum.
At press time, Dogecoin is trading at $0.3884, down 1.24% in the last 24 hours. Notably, Dogecoin and other meme coins are struggling in the red even as Bitcoin makes a notable push to break $100K.
Dogecoin Price to Watch for When the Bulls Reemerge
In an earlier analysis, Martinez predicted a 120% rally for Dogecoin after it formed a bullish pattern following a brief cool-off phase from its speculative run. Martinez suggested the meme coin could surge to $0.82, assuming the $0.37 support holds.
He added that after Dogecoin breaks out of its consolidation phase, it will face resistance at $0.4400, with further hurdles at $0.5500 and $0.6500. This would open the door to potential growth toward $1.
Additionally, Martinez has emphasized Dogecoin’s potential for more significant growth, citing data from Google Trends to suggest that the meme coin is not yet at its peak popularity despite reclaiming a multi-year high two weeks ago.
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