Altcoin
Dogecoin Whales Grab 110M DOGE Amid Recent Dip, Is A Breakout Brewing?
The latest Dogecoin whale data rattled the crypto market on Friday, flagging massive accumulations amid the meme coin’s recent price dip. Renowned market analyst Ali Martinez revealed that whales bought a whopping 110 million DOGE tokens in the last 48 hours. As a response, market participants eagerly await a bullish price breakout ahead, with top analysts further projecting optimism over future price movements due to strong market technicals.
Dogecoin Whales Scoop Up Heavily Near $0.25 Price Level
In an X post shared by analyst Ali Martinez on February 21, it can be seen that Dogecoin whales bought 110 million tokens in the past two days. These accumulations occurred as the meme coin hovered around the $0.25 price level.
In turn, this mark remains extensively gauged by market participants as it could carve out a vital support level ahead. Another report by CoinGape previously revealed that DOGE whales did not sell massive amounts when the coin moved around $0.25. The upshot remains that investors eye considerable gains for the dog-themed meme coin ahead as whale data reflects strong market support.
Why Are Whales Accumulating?
Meanwhile, the current hot buzz for the dog-themed meme coin remains rising odds of an ETF approval. CoinGape reported last week that the U.S. SEC acknowledged Grayscale’s 19-b filing for Dogecoin ETF. This news appears to have substantially uplifted whale sentiment for the asset, given that an approval ahead could provide significant money influx to the token and fuel a price upswing.
However, Dogecoin price tanked nearly 6% over the week, which appears to have ushered in a ‘buy-the-dip’ sentiment among whales amid the ETF advancements.
Is DOGE Price Breakout On The Horizon? Top Analysts Bullish
DOGE price has mainly shown signs of consolidation in recent days, trading up nearly 1% intraday to $0.2564. The meme coin hit a bottom and peak of $0.2505 and $0.2576 in the past 24 hours. Notably, it’s worth mentioning that the coin’s broader time frame volatility is primarily attributable to the crypto market’s turbulent trend.
However, market analysts have projected a bullish outlook ahead, sparking market optimism in tandem with rising Dogecoin whale buying. Analyst ‘Trader Tardigrade’ recently took to X, revealing that the coin’s price chart shows a ‘symmetrical triangle’ pattern. This metric indicates that the token is consolidating whilst a breakout awaits.
Given the massive whale buying, the chances of the analyst’s projection getting true gained substantial weight. Also, another renowned trader, ‘Altcoin Scholar,’ revealed on X that the $0.22 price level remains a strong support zone for the meme coin. A sustained break above this level solidifies the chances of further gains.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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