Dogecoin (DOGE) whales have shown increased interest in the leading meme coin, accumulating the cryptocurrency in the past few days. In a week, these highly capitalized investors added over 1 billion DOGE to their stack, worth $157 million.
Finbold retrieved this data from Santiment on June 4, filtering Dogecoin addresses holding between 100 million and 1 billion DOGE. Notably, the chart shows these whales currently hold 31.15 billion DOGE at $0.157 per Dogecoin.
However, on May 27, the number was 30.10 billion, resulting in the bullish accumulation of 1.05 billion coins.
Dogecoin whales – Addresses between 100M and 1B DOGE. Source: Santiment / Finbold (Vini Barbosa)
Interestingly, a known cryptocurrency trader and on-chain analyst, Ali Martinez, spotted a similar behavior in the past few days. Martinez previously reported a 700 million DOGE accumulation from May 28 to May 31, worth $110 million. Later, the on-chain analyst reported a 200 million Dogecoin whale accumulation from May 30 to June 4.
#Dogecoin whales have bought an additional 200 million $DOGE since May 30! pic.twitter.com/gjeoGWMM4R
— Ali (@ali_charts) June 4, 2024Dogecoin (DOGE) price prediction amid whales’ accumulation
DOGE has nearly doubled its price since February, when it was trading at around $0.085. At that time, Dogecoin had a similar trading and transaction volume to what it currently has, of around $864 million and $64 million, respectively.
The gradual fall of these two metrics led to a period of accumulation, followed by the remarkable nearly 100% surge. Therefore, if this pattern plays out, the leading meme coin could experience another similar price action above $0.22—reached in March.
Dogecoin whales – Addresses between 100M and 1B DOGE. Source: Santiment / Finbold (Vini Barbosa)
Furthermore, Ali Martinez addressed the 47% price drop from these highs to Dogecoin’s price in May. On May 1, the analyst posted a thread showing DOGE broke out from the descending triangle formed in this period.
According to Martinez, this suggests another pattern previously seen in 2017 and 2021. Particularly, drops of 40% and 56% foreshadowed two massive pumps of 982% and 12,197% in each bull market, respectively.
The trader believes this could propel DOGE to a first level at $1 and further to $6. Nevertheless, these prices would mean $144 billion and $864 billion capitalization to Dogecoin, respectively, which are relatively high market caps.
Now, in 2024, #DOGE has yet again broken out of a descending triangle!It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024In summary, Dogecoin whales have been signaling bullish intentions, accumulating 1 billion coins in the last week. Additionally, technical analysis projects DOGE above $1 per coin, but economic fundamentals may impose challenges to reach that mark.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
