Time to Buy DOGE? Whale Buys 175 Million Dogecoin
Today, January 27, 2025, the entire cryptocurrency market has seen significant price declines and significant selling pressure. Following this, Dogecoin (Doge) attracted a lot of attention from cryptocurrency traders and investors, who seemed to be accumulating and betting from afar.
Crypto whales bought over 175 million
Recently, blockchain-based transaction tracker Whale Alert posted about crypto whale conversions on X (formerly Twitter) at 175.2 million Doge to a cryptocurrency wallet. However, the wallet address remains unknown. This significant accumulation is not the only transaction Dogecoin is witnessing today.
Data from Chain Analytics small shop It shows that in the past 48 hours, the exchange witnessed a massive outflow worth $72 million. In the cryptocurrency landscape, outflows refer to the movement of assets from exchanges to wallets, indicating potential accumulation and hinting at possible buying opportunities.
Current price dynamics
Doge is currently trading close to $0.32, with the price falling by more than 9.14% in the past 24 hours. However, during the same period, its trading volume surged by 180%, indicating increased trader participation during the recent price drop.
From these accumulations, crypto whales appear to have taken advantage of Doge’s recent price drop.
Traders take long stance
While long-term holders may have built up potential accumulations, indoor traders are also betting on the long-term. Currently, Doge’s long/short ratio is 1.15, indicating strong bullish sentiment among traders. Furthermore, the data shows that 53.50% of top traders currently hold long positions, while 46.50% hold short positions.
When combining these on-chain indicators, it appears that both long-term holders and day-to-day traders are dominating the meme coin right now, which is a bullish sign for holders.
Dogecoin (Doge) Technical Analysis and Upcoming Levels
According to expert technical analysis, Doge is close to the crucial support level of $0.30. Historically, this support has given intense buying pressure, leading to the famous upward momentum.
Doge has reached this level multiple times since December 2024, and in each case it has experienced significant upward momentum. Based on the recent price action, Doge could surge up to 30% and could reach $0.42 in the near future.
