Dogecoin

2024

Million

<ul class="list-ic vertical"> 
 <li> 1 <a>The percentage of whales holding between 100 million and 1 billion DOGE coins has shown a notable increase, rising from 20.75% to 21.55%.</a> </li> 
 <li> 2 <a>The daily DOGE price chart reveals the formation of an interesting pattern, with the price hovering at a crucial zone.</a> </li> 
</ul> 
Dogecoin seemed to be stabilizing near the 20-day exponential moving average. While the long-term trend points to a bullish outlook, the immediate trend awaits a surge in trading volume to establish a definitive direction. 
Recent trading sessions have unveiled notable whale transactions, suggesting a potential surge in Dogecoin’s value. The market seems favorable, which could bolster the cryptocurrency. 
<h2 class="wp-block-heading" id="strong-whales-accumulating-doge-strong">Whales Accumulating DOGE</h2> 
Dogecoin performed negatively this week, recording a loss of nearly 9.10%. Still, there has been a significant rise in the holdings of large wallets. The number of whales holding 100 million to 1 billion has increased from 20.75% to 21.55%. <iframe loading="lazy" title="Santiment Chart: [10,000,000 - 100,000,000) coins % (DOGE), [100,000,000 - 1,000,000,000) coins % (DOGE)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=dogecoin&amp;pt=DOGE&amp;df=2023-12-01T22%3A59%3A59.484Z&amp;dt=2024-05-31T22%3A59%3A59.484Z&amp;emcg=1&amp;emhwm=1&amp;wm=percent_of_holders_distribution_combined_balance_10M_to_100M%3Bpercent_of_holders_distribution_combined_balance_100M_to_1B&amp;wax=0%3B1&amp;wc=%23222222%3B%2314c393&amp;ws=%3B" scrolling="no"></iframe> 
As per a tweet by Ali Martinez, a famous technical and on-chain analyst, Dogecoin whales have accumulated over 700 Million <a href="https://www.thecoinrepublic.com/2024/05/26/doge-whales-looks-to-secure-20-gains-before-another-correction/" target="_blank" rel="noreferrer noopener">DOGE </a>tokens in the last 72 hours worth $112 Million. 
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> whales have bought over 700 million <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> in the past 72 hours, worth around $112 million! <a href="https://t.co/zpMoHz1azX">pic.twitter.com/zpMoHz1azX</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1796440341387849846?ref_src=twsrc%5Etfw">May 31, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
This significant whale activity could be indicative of an impending bullish trend. Typically, these large-scale investors position themselves in the market well ahead of average retail investors, leveraging their greater resources and access to information. 
<h3 class="wp-block-heading" id="strong-can-doge-surpass-annual-highs-strong">Can Doge Surpass Annual Highs?</h3> 
The daily chart showcases the formation of a rising channel pattern with the price currently placed near the channel’s support zone. The Long-term trend outlook is bullish, which may invite the bulls at the discounted price.  
<a href="https://in.tradingview.com/chart/DOGEUSD/81F1OvdR-Whales-Accumulating-DOGE-Is-A-Major-Uptrend-On-the-Horizon/"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
On the higher side, the $0.175 level has been a strong hurdle for the buyers. Now, if the DOGE bulls can surpass the price beyond $0.175, it may indicate a breakout. After that, the price may rise toward the annual high of $0.228.&nbsp; 
However, any breakdown below $0.15 may invalidate the bullish breakout scenario, and the price may decline toward the 200-day EMA near the $0.130 level. 
<h4 class="wp-block-heading">Conclusion.</h4> 
Dogecoin price seemed to stabilize near the 20-day EMA, hinting at a bullish long-term trend. However, the short-term direction is unclear as volume inflow is currently low. Despite a 9.10% weekly loss, whale holdings have risen from 20.75% to 21.55%.&nbsp; 
Moreover, the daily chart shows a rising channel pattern, with the price suggesting a buying opportunity. Now, If Dogecoin breaks past $0.175, it could reach $0.228, while falling below $0.15 may lead to a decline toward the $0.130 and 200-day EMA.

Whales Accumulating Dogecoin: Is A Major Uptrend On The Horizon?

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Thecoinrepublic.com

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