Dogecoin Eyes Further Rally Amid Massive Whale Accumulation, Is $0.2 Next?
Highlights
- Dogecoin sees massive whale accumulation, with its weekly price soaring 15%.
- On-chain metrics show 75% of DOGE holders in profit, indicating bullish sentiment.
- Recent analysis suggests that the DOGE price could hit $0.2 or higher.
The recent spike in Dogecoin price, marked by a double-digit weekly increase, has captured investor attention. Massive whale transactions and on-chain metrics suggest a potential further rally for the dog-themed crypto. Having said that, a flurry of market pundits now expects the crypto to soar past the $0.2 mark, with significant whale accumulation and rising market interest.
Whale Transfer & On-Chain Metrics Fuel Bullish Sentiment
The crypto world is buzzing with excitement as DOGE whale activity surged recently. According to Whale Alert, a DOGE whale has accumulated 800 million coins in two transactions from Robinhood. The whale, identified by the wallet address “DEgDV….1pMke,” has amassed 400 million coins each in two transactions, totaling $101 million.
Meanwhile, this significant accumulation highlights growing market confidence in the meme coins sector. Notably, amid this surge, 75% of DOGE holders are now in profit. Data from IntoTheBlock indicates a bullish outlook, suggesting a potential rally ahead.
In addition, large holders now account for 62% of DOGE supply. Long-term holders represent 67% of this group, reflecting a strong belief in the crypto’s future. Additionally, Dogecoin recently hit a milestone of 90 million addresses, indicating increased adoption and market interest.
Also Read: Elon Musk’s Video Post Pumps This Meme Coin By 42%
Will Dogecoin Price Hit $0.2?
A recent analysis from CoinGape Media showed that DOGE faces key resistance at $0.128. Breaking this trendline could push its price to $0.174, and if this level is surpassed, Dogecoin could reach $0.228.
The dog-themed cryptocurrency’s recent performance and whale accumulation signal a promising future. With increased market interest and bullish on-chain metrics, the crypto could be poised for a significant rally.
During writing, DOGE price was up over 6% and traded at $0.1264, with its trading volume soaring 26% to $798.28 million. Notably, the crypto has touched a 24-hour high of $0.1295, while noting a weekly gain of 15%. In addition, CoinGlass data showed that the DOGE Futures Open Interest (OI) soared about 12% to $626 million, echoing the bullish sentiment hovering in the market.
Also Read: Phishing Attacks Take Lead Amid WazirX Hack, CoinDCX CEO Issues Dire Warning
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
