- Despite the drop in the price of Dogecoin, whales continue to accumulate tokens, with 160 million Dogecoin. As positive sentiment gradually returns to the market, ahead of a potential rally of 85% above its all-time high.
- Dogecoin is currently trading between $0.39 and $0.48 after a sharp rebound, reflecting price action since the start of 2021, when a significant rise was followed by consolidation before a breakout major.
Dogecoin (DOGE) has always remained in the spotlight and is a favorite among market whales. Recently, a surge in whale activity has sparked discussions about the possibility of Dogecoin price breaking the elusive $1 barrier.
The recent purchase of $160 million in DOGE by these whales has raised eyebrows and sparked a wave of speculation within the crypto community. Such large trades may indicate that these whales are positioning themselves for potential price movements.
Ali Martineza well-known cryptocurrency analyst on reported further whale activity on December 12. He notes that whales purchased a remarkable 210 million DOGE during a price correction when the asset was approximately valued at $0.41. This resulted in an estimated expense of $86.1 million. Although Dogecoin saw a 6% decline over the past week, these whale investors appear unfazed by the market’s ups and downs.
Current Market Dynamics and Technical Indicators
These trends among crypto whales suggest a bullish outlook for DOGE. Martinez highlighted this whale activity as a strong indicator of positive dynamics. It thus projects an aggressive price target of $3 and revisits the previous all-time high (ATH) of $0.7376, which was reached in May 2021.
Dogecoin certainly benefits from additional buying momentum following its bullish crossover on the MACD, marked by the MACD line crossing above the signal line. The MACD consists of two lines: the MACD line and the signal line. When the MACD line crosses above the signal line, it is often interpreted as a bullish signal.
Currently, the relative strength index (RSI) for DOGE on the 4-hour chart is at 47.9. In general, an RSI above 70 indicates an overbought situation, while a value below 30 indicates an oversold situation. At this level, just below the midline of 50, buying and selling pressures appear balanced; this stability often precedes a significant price movement, as the market can build up energy in preparation for a possible breakout.
According to Messerthe number of addresses holding over 1 million DOGE reached a new high, with a total of 130.2 billion DOGE. This figure is remarkable when compared to the 2021 rally, during which the holdings of large investors increased from 110.3 billion to 112.5 billion DOGE; the current accumulation trend suggests similar positive prospects. During the last update, the prix of Dogecoin is 0.4097$, reflecting a slight increase of 0.97% over the last 24 hours. The market capitalization is $60 billion and its 24-hour trading volume is $3 billion, which decreased by 27.05%.
Beyond that, the Dogecoin Foundation announced a series of updates aimed at improving the ecosystem. A key initiative is the Dogebox decentralized infrastructure system, which results from various development projects and aims to enable the first million core retailers to accept Dogecoin as a direct payment method.
Related News :