Time to Buy DOGE? Whales Buy 1 Billion Meme Coins
Dogecoin (DOGE), the popular and world’s largest memecoin, is looking even more optimistic in this highly anticipated altcoin season. Experts and analysts believe that this bull run will begin after the Donald Trump administration is scheduled to take office on January 20, 2025.
Crypto whale buys 1 billion DOGE
As crypto expert over at On January 7, 2024, experts highlighted that whales had added 1 billion DOGE in the past 7 days.
As observed with DOGE price, such a large accumulation in such a short period of time could create more buying pressure and lead to a further upward rally. According to CoinMarketCap data, the price of meme coins increased by more than 27% during the same accumulation period.
DOGE Price Momentum
At press time, DOGE was trading close to $0.39, with prices up more than 2.50% in the past 24 hours. However, investor and trader participation also increased during the same period, resulting in a 12% increase in trading volume.
Outside of DOGE, market sentiment appears to be bullish as major assets including Bitcoin (BTC) and Ethereum (ETH) have shown strong rallies, which could help the meme coin continue its rise.
Bullish on-chain indicators
Bullish market sentiment across the cryptocurrency market is attracting day traders, reports on-chain analytics firm coin glass.
Trader interest rises
Currently, DOGE Open Interest (OI) has jumped 40%, indicating that traders’ open positions have increased by 40%, which is considered a positive sign for this bull market.
Meanwhile, some long-term holders appear to be selling off their holdings as market sentiment shifts. Spot inflow/outflow data shows that the exchange witnessed over $18 million worth of DOGE inflows.
In the cryptocurrency world, inflows are when assets move from the wallets of long-term holders to exchanges, potentially creating selling pressure and price declines. But since accumulation is significantly higher, it may not lead to a price drop.
DOGE Technical Analysis and Upcoming Levels
According to expert technical analysis, DOGE has been consolidating in a tight range between $0.375 and $0.398 for the past three days.
Based on recent price action, if the meme coin breaks this pattern and closes the day above $0.40, DOGE is likely to surge 44% to the $0.57 mark in the future.
As of now, the market sentiment is bullish, with whales and traders showing strong interest and confidence in the meme coin. This can help DOGE break out of tight areas and achieve forecast targets.
