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200 Million DOGE: Here’s What Dogecoin Whales Are Doing

Tue, 4/06/2024 – 13:14

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According to Ali, a crypto analyst, the last five days have seen a significant level of accumulation of Dogecoin by large holders, or whales. Ali stated that since May 30, whales have added a whopping 200 million DOGE to their holdings, indicating accumulation.

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Meanwhile, the Dogecoin price has consolidated in a range since this date. After attaining highs of $0.174 on May 26, Dogecoin declined to trade in a range, a trend that continues to the present.

The accumulation of Dogecoin by large holders is no less surprising, given that whales typically buy during periods of declines or consolidation, with the intent to acquire at a discount.

The trend of accumulation among Dogecoin whales became noticeable in late May, with blockchain data trackers observing significant DOGE transactions from wallets and exchanges.

Ali reported that on May 31, Dogecoin whales bought over 700 million DOGE within a 72-hour time frame, worth $112 million at the time.

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The massive accumulation might suggest that these whales, or large holders, might be positioning themselves for a significant price shift as the Dogecoin price consolidates.

Dogecoin price action

Currently, Dogecoin faces its next major resistance near $0.174. Ali predicts that once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322.

TradingView
DOGE/USD Daily Chart, Courtesy: TradingView

At the time of writing, Dogecoin was down 2.83% in the last 24 hours to $0.157. A break below the 50-day SMA at $0.1541 might swing the short-term advantage in favor of the bears, which might lead to a drop toward $0.14. Meanwhile, a possible scenario remains that of consolidation, with Dogecoin trading in a range between $0.18 and the 50-day SMA for a while.

On the other hand, if Dogecoin rebounds, the price might aim next to the $0.174 level. A sustained breach might aim for the $0.21 level in the short term.

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