140,000,000 Dogecoin (DOGE) Absorbed Overnight in Epic Whale Bullish Activity

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Analyst Ali Martinez recently shared some intriguing insights about the popular cryptocurrency, Dogecoin (DOGE). According to on-chain data, Martinez highlights a growing interest in Dogecoin, as large investors together bought approximately 140 million DOGE within the last 24 hours.

At present Dogecoin’s value amounts to approximately $56 million given its current price of around $0.40 each, making up more than 2% of the daily trading volume that stands at about $2.64 billion – in essence, a substantial amount. Currently, the price of Dogecoin is dancing near a significant resistance level right at $0.40.

Whales bought 140 million #Dogecoin $DOGE in the last 24 hours!

— Ali (@ali_charts) January 6, 2025

It seems that the possibility of a significant surge in value is attracting major investors to purchase the meme coin, specifically Dogecoin. These are wallets containing between 1 million and 100 million DOGE, implying that even the smallest investor within this group owns at least $400,000 worth of Dogecoin.

If the Dogecoin (DOGE) breakout is successful, it could potentially increase in value up to $0.46, a level that serves as its next resistance point and where DOGE reached its highest price in 2024. With the all-time high from 2021 still standing at $0.75 per DOGE and Bitcoin frequently revaluing itself every week, the urge among large investors (whales) to push the meme coin towards this desired peak over the next four years could be quite strong.

The recent purchase made by the whales might hint at their belief in an expanding market pattern that’s advantageous for altcoins. It also stirs curiosity as to whether Dogecoin, backed by its dedicated fanbase and current market trends, could attempt to regain its past prominence.

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2025-01-06 20:13