Dogecoin (DOGE), the world’s leading meme cryptocurrency, has captivated the crypto community’s interest, especially during the recent market downturn. On December 21, 2024, a notable cryptocurrency analyst shared on X (formerly known as Twitter) that prominent crypto investors, often referred to as “whales,” have amassed an impressive 250 million DOGE in recent days.
Whales Purchase 250 Million DOGE
In the midst of a declining market, this substantial accumulation of Dogecoin by whales has drawn significant attention. This buying spree coincided with a broader market dip that followed Federal Reserve Chairman Jerome Powell’s anti-crypto remarks, as highlighted by CoinPedia.
Current Price Momentum
The significant whale activity has had a noticeable impact on Dogecoin’s price dynamics. According to CoinMarketCap, DOGE has experienced a remarkable surge of over 25% in the last 48 hours. The coin is currently trading around $0.32, marking an 8% increase in just the past 24 hours. Despite this impressive rally, long-term investors continue to accumulate DOGE, a trend reported by the on-chain analytics firm CoinGlass. The data reveals that exchanges have seen an outflow of approximately $519.19 million worth of DOGE over the past week.
This movement of funds away from exchanges into long-term holders’ wallets suggests growing confidence in the asset’s future potential. The outflow is an important on-chain metric, indicating strong upside momentum and potentially signaling an optimal buying opportunity for investors.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
Technical analysis reveals that Dogecoin is currently contending with a robust resistance level at $0.346. If DOGE manages to surpass this barrier and close a daily candle above $0.36, technical indicators suggest a high likelihood of a 25% price increase, potentially reaching the next significant resistance level at $0.44 in the near term.
Supporting this optimistic outlook, DOGE’s Relative Strength Index (RSI) is presently positioned at 37.85. This RSI level suggests that the cryptocurrency may experience further upward momentum in the days ahead, offering investors a promising outlook.
As the market continues to evolve, Dogecoin’s performance remains a key focus for both short-term traders and long-term holders. The coin’s ability to navigate resistance levels and capitalize on market conditions will be crucial in determining its future trajectory.
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