Dogecoin Price: 200M DOGE Accumulation Signals At Potential Rally Ahead

Despite a recent dip in the Dogecoin price, recent whale activity in the market indicates a potential bullish run in the coming days. Meanwhile, prominent crypto market expert Ali Martinez has recently shed light on the massive accumulation of Dogecoin by large investors, also known as “whales” in the crypto market.

Often, this accumulation leads to a positive performance of the underlying asset, and considering that, several investors are keeping a close track of the meme coin’s performance.

Dogecoin Price Slips Despite Massive Whale Accumulation

In a recent post by crypto market analyst Ali Martinez, Dogecoin whales have been on a buying spree. The recent report showed that the DOGE whales have been accumulating a whopping 200 million DOGE over the last few days since May 30.

Notably, this significant buying activity suggests that whales are confident in Dogecoin’s future potential and are positioning themselves for a potential price increase. However, it’s worth noting that the meme coins are also highly volatile than the other assets.

Meanwhile, this recent accumulation news has sparked excitement among Dogecoin enthusiasts, many of whom have been questioning the lack of immediate price movement despite the accumulation. Martinez addressed these concerns in the comments section of his post, saying that patience is key in the cryptocurrency market.

Commenting on the users’ queries, the analyst said that those who wait are often rewarded handsomely. Notably, his message emphasizes a long-term perspective, suggesting that the accumulation may be in anticipation of a larger price surge in the future.

Also Read: How’s the Crypto Market Performing Today?

Will The Price Rally?

According to market watchers, these recent buying spree signals a growing market confidence toward the crypto. In addition, the massive accumulation also hints that the Dogecoin price could witness a rally in the coming days.

In a recent X post, market pundit Crypto Tony shared an outlook on the Dogecoin price. In his post, he said that if Dogecoin price reclaims the $0.175 mark, it good signal a good entry point for the market participants.

As of writing, Dogecoin price was down 2.56% to $0.1573, with its trading volume soaring 15.32% to $866.07 million. According to derivatives data by CoinGlass, the Dogecoin Futures Open Interest fell 2.55% to $918.95 million. Notably, despite the dip in recent DOGE prices, the meme coin has noted a monthly surge of about 4%.

Also Read: Bitcoin ETF Inflows Propel BlackRock, Fidelity, Invesco Into Top 10 ETF Issuers List