As a seasoned cryptocurrency analyst with over a decade of experience observing market trends and watching the whale activity, I find the recent Dogecoin (DOGE) price movements intriguing. Based on the latest data shared by crypto analyst Ali Martinez, it appears that DOGE whales have been aggressively buying up large quantities of the cryptocurrency, despite profit-taking from smaller investors.
As a crypto investor, I’ve noticed that Dogecoin has given back more than half of its gains from earlier in the week. It seems like many investors are taking profits, but interestingly enough, some large DOGE whales have chosen to go against this trend and buy even more. According to cryptocurrency analyst Ali Martinez on social media platform X, these whales bought over 60 million DOGE in just the last 24 hours. This significant on-chain activity has given rise to optimism among DOGE holders, suggesting that there’s continued bullish momentum for this cryptocurrency.
Dogecoin Whale Analysis
As an analyst, I’ve noticed a significant increase in buying activity among market participants, including both whales and retail traders, towards Dogecoin since the start of the week. Consequently, the price surged, reaching a peak at $0.1269. However, following this price surge, the value has dipped approximately 6%. Despite the recent dip, buying activity remains strong. Notably, some prominent Dogecoin holders, or whales, are still actively purchasing the cryptocurrency.
According to market analyst Ali Martinez’s analysis based on Santiment’s data, some DOGE token addresses holding between 1 million and 10 million coins (referred to as “whales”) have purchased approximately 60 million DOGE tokens within the past 24 hours. This significant buying spree has resulted in these whale addresses collectively owning a record-breaking 10.5 billion DOGE tokens in 2023.
#Dogecoin whales have bought up over 60 million $DOGE in the last 24 hours!
— Ali (@ali_charts) July 18, 2024
Large-scale DOGE investors holding between 10 million and 100 million coins purchased approximately 160 million DOGE within a 48-hour period, according to Santiment data. This significant buying activity among these holders indicates a strong bullish sentiment among large investors in the DOGE market.
Bullish For DOGE Sentiment
As a crypto investor, I’ve observed that whale activity can significantly influence the price trend of cryptocurrencies in both the short and long term. When large investors continue to buy up substantial amounts of a particular coin, it’s a clear sign that bullish sentiment is still strong among them. This accumulation can lead to a surge in price if other market participants follow suit, or sustain an uptrend if whales choose to hold their positions.
Currently, Dogecoin is priced at $0.1192 during this writing, representing a 2% decrease in value over the past 24 hours. This decline implies that significant buying activity from major investors has yet to influence Dogecoin’s price. Nevertheless, if this accumulation continues, Dogecoin may regain momentum and outperform other cryptocurrencies in an upward trend.
As a crypto investor, I’m excited about the recent inflow of funds and large transactions by whales, which seems to be boosting Dogecoin’s short-term prospects. At present, DOGE is hovering around a significant order block priced at $0.117. This could lead to either a rebound or a slide lower. Should the coin rebound, the next hurdle for DOGE would be at $0.1266 – a level it has attempted to breach five times in the last month but failed each time.
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2024-07-20 07:11