Time to Buy DOGE? Whales Buys 250 Million Dogecoin
Dogecoin (DOGE), the world’s largest memecoin, has attracted significant attention from cryptocurrency enthusiasts amid the recent market decline. On December 21, 2024, a well-known cryptocurrency expert posted on X (formerly Twitter) that crypto whales had accumulated 250 million DOGE in the past few days.
Whale buys 250 million DOGE
However, the post on Jerome Powell’s Anti-crypto stance, CoinPedia reported.
Current Price Momentum
At the same time, the impact of this massive accumulation is currently reflected in DOGE prices. According to data from CoinMarketCap, the meme coin has surged more than 25% in the past 48 hours. It is currently trading near $0.32, up 8% in the past 24 hours.
Despite significant gains, long-term holders appear to be accumulating tokens, reports on-chain analytics firm coin glass. DOGE spot inflow/outflow data shows that in the past seven days, various exchanges have experienced significant outflows of DOGE worth $519.19 million.
Outflows are an on-chain indicator that an asset is withdrawn from an exchange to the wallets of long-term holders. This could signal upward momentum and suggest an ideal buying opportunity.
Dogecoin (DOGE) Technical Analysis and Upcoming Levels
According to expert technical analysis, the meme coin is currently facing strong resistance near the $0.346 level. Based on recent price action, if DOGE breaks this resistance and closes above $0.36, there is a good chance that it could surge 25% to reach the next resistance level at $0.44 in the near future.
On the positive side, DOGE’s relative strength index (RSI) currently stands at 37.85, suggesting that upward momentum is likely in the coming days.
