Dogecoin Whale Accumulates 155M DOGE, Is the Dip Over?

A Dogecoin whale has once again caught the eyes of crypto market participants globally, making a highly bullish move recently. On-chain data showcased that a whopping 155 million DOGE was accumulated by a whale, sparking optimism among investors surrounding the meme coin’s future movements. DOGE price’s broader charts indicate that the token is currently on a bull run. However, market watchers speculate whether the renowned dog-themed meme crypto could pump further in light of the recent accumulation.

Dogecoin Whale Accumulates 155M Coins Igniting Market Frenzy

According to data revealed by Whale Alert on October 21, a Dogecoin whale accumulated 155.11 million DOGE, worth $21.65 million, from the crypto trading division of Robinhood Markets. Per the data, the unknown address DP1…Wdj was recorded as bagging the abovementioned amount of coins. This massive accumulation, hinting at increased market confidence in the asset’s potential, has reverberated optimism surrounding future movements.

Simultaneously, it’s worth mentioning that the dog-themed meme coin is currently on a price rally, as pointed out by broader charts. This bullish trajectory is primarily attributable to Elon Musk’s support of Donald Trump amid the ongoing U.S. presidential elections. As Trump’s winning odds rose substantially to 63.7%, whereas Harris’ stood at 36.1%, per recent Polymarket data, Elon Musk’s D.O.G.E post under the Trump cabinet has garnered significant attention toward the token. Further as the U.S. presidential elections loom as of November, the massive accumulation by the aforementioned Dogecoin whale has poured additional market optimism on the meme crypto.

DOGE Price Dip Over?

Simultaneously, DOGE price traded at $0.1457 at press time, down nearly 2% intraday. This drop primarily aligns with today’s broader market trend. The meme coin’s 24-gour low and high were $0.1384 and $0.1495, respectively. Nevertheless, weekly and monthly charts for the coin illustrated a 26% and 35% surge, respectively.

While the upside movement sparked investor optimism, Coinglass data indicated a 5.33% drop in Dogecoin futures OI to $1.02 billion today. Besides, the derivatives volume soared 8% to $3.46 billion. These stats underscore an uncertain market sentiment for the token.

Nonetheless, a recent DOGE price analysis by CoinGape Media indicates that the coin could potentially rise to $0.37 ahead in light of bullish metrics. Notably, the 50-day moving average is rising, implying strong short-term momentum. Given this trend continues, it could bolster a price increase ahead. Crypto market enthusiasts continue to monitor the meme token for further price shifts ahead in the wake of dynamic market trends.