Large Dogecoin holders, commonly referred to as “whales,” have carried out a massive accumulation of over 90 million DOGE in just 48 hours. This activity comes as the crypto meme trades around $0.31, in a critical consolidation phase.
A massive accumulation that intrigues the crypto market
Renowned crypto analyst Ali Martinez revealed that major Dogecoin addresses made massive purchases between December 27 and 29, 2024. This accumulation of over 90 million DOGE represents a considerable investment, demonstrating renewed confidence big investors in the future of crypto.
THE on-chain data show that this accumulation is part of a broader trend of strategic purchases by whales, who are taking advantage of the current period of consolidation to strengthen their positions. Historically, such accumulation behaviors have often preceded significant price movements.
This intense whale activity comes against a backdrop where Dogecoin is struggling to break through resistance at $0.35, suggesting that large investors are potentially anticipating an upcoming upward move.
Technical prospects to watch closely
Dogecoin price is currently in a delicate technical situation, hovering around the critical level of $0.31. This zone represents a pivotal point determining the future direction of the crypto.
To confirm a bullish scenario, DOGE will absolutely have to cross and maintain the $0.37 level. Such a breakthrough, supported by the recent whale buildup, could trigger a significant upward move.
However, caution remains in order. A break below the $0.30 support could instead lead to a deeper correction towards $0.20, a major psychological level that has historically served as support.
The massive accumulation of Dogecoin whales is a strong signal for the market, but the current volatility of the crypto sector calls for vigilance. The next few days will be decisive in confirming whether this accumulation indeed foreshadows a new bullish cycle for the most popular crypto meme on the market.
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