4,720,000,000 DOGE Bought in 2 Weeks: Are Whales Fueling a Rally?
Over the past two weeks, large Dogecoin (DOGE) holders, or 'whales,' have accumulated 4.72 billion DOGE, increasing total holdings in wallets with 100 million to 1 billion DOGE from 27.6 billion to 32.4 billion. Despite this activity, DOGE's price remains relatively flat at $0.176, with a 7% rise over the past week. Analysts note DOGE is in a key support zone between $0.16 and $0.17, with upward momentum signals from the RSI suggesting potential price growth. Historical patterns indicate accumulation within a rising channel, and higher lows point to a potential price surge. Additionally, the Bitwise spot DOGE ETF is under a 20-day review for potential approval, which could impact the market.
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Massive DOGE Accumulation by Whales
Over the past two weeks, large Dogecoin holders have added 4.72 billion DOGE to their wallets. This movement has attracted significant attention since the price of the OG meme coin has remained mostly unchanged during this period. Market watchers are keenly observing if this steady buying could signal the beginning of a new upward trend.
Increase in Whale Holdings
Data indicates that wallets holding between 100 million and 1 billion DOGE increased their holdings from approximately 27.6 billion to 32.4 billion tokens. This change signifies heightened activity among large market players—commonly known as whales. Analyst Ali Martinez highlighted these shifts, sharing on Twitter:
4.72 billion Dogecoin $DOGE bought by whales in the last two weeks!
Despite the accumulation, Dogecoin's price has remained relatively flat, trading at $0.176 as of now, with a 24-hour trading volume of $2.01 billion. Over the past week, DOGE has registered a modest 7% rise.
Key Price Levels and RSI Signals
According to charts shared by Trader Tardigrade, DOGE has returned to a vital support zone between $0.16 and $0.17, a level that served as a strong base earlier this year.
The Relative Strength Index (RSI), an important momentum measure, recently broke through a downward trend. A similar RSI breakout occurred in June, preceding a Dogecoin price surge. If this RSI breakout leads to stronger price action, traders could witness the beginning of a new upward phase.
Historical Patterns and Rising Channels
On a broader timescale, analysis suggests DOGE is trading within a rising channel seen in past market cycles. Historically, Dogecoin has experienced small price breaks above this channel before returning inside it and later escalating higher.
These patterns occurred in 2017 and 2021, and the current structure seems to follow the same trajectory. DOGE still trades within the channel, with short bursts above it, indicating a phase of accumulation. However, a clear breakout with strong volume will be necessary to confirm a new trend.
Formation of Higher Lows
Javon Marks' chart demonstrates that DOGE is forming higher lows, representing increasing price support levels. This pattern suggests the possibility of significant upward momentum, potentially leading to a 311% gain as DOGE aims to reclaim its all-time high of over $0.70.
This analysis aligns with previous cycles where similar structures resulted in large price surges.
Potential DOGE ETF Approval
Further boosting market sentiment, the Bitwise spot DOGE ETF is currently under a 20-day review period. If approved, it would become the first Dogecoin ETF available in the US market. This development could introduce DOGE to a broader range of institutional and retail investors.