Despite the anticipated widespread liquidations following the recent decline in DOGE prices, Dogecoin whales have seized the opportunity presented by the downturn. Viewing the recent dip as an advantageous entry point into the market, these large-scale investors are now acquiring significant amounts of Dogecoin, including a notable transaction of 270 million DOGE.
Dogecoin Whales Accumulate 270 Million DOGE
The recent slump in Dogecoin’s price has led major investors, often referred to as “whales,” to ramp up their token purchases. Renowned crypto analyst Ali Martinez shared on X (formerly Twitter) in a post that Dogecoin whales have bought an impressive 270 million DOGE tokens within just five days.
This substantial acquisition of 270 million DOGE is consistent with a broader trend of accumulation noted in the meme coin’s ecosystem. Since November, Martinez has witnessed whales amassing hundreds of millions of DOGE during the ongoing downtrend.
On December 21, the analyst revealed that Dogecoin whales had acquired 250 million DOGE during the recent market downturn. This decisive action was taken as investors perceived DOGE’s decline as an optimal entry point, a pattern common among larger players who seek to buy tokens at lower costs for potential long-term benefits.
The recent surge in purchases by whales could suggest robust confidence in the coin’s future. Furthermore, Martinez has expressed optimism regarding the meme coin’s price potential, indicating in a previous post on X that DOGE might be on the verge of another parabolic rally towards a $20 all-time high.
While the overall sentiment for DOGE’s price remains bullish, Dogecoin whales are capitalizing on the current market conditions and declining prices to expand their holdings and gear up for a possible rally. Currently trading at $0.33, the recent 270 million DOGE transaction is valued at approximately $89 million.
Repetitive Trends Could See DOGE Price Hitting $5
Crypto analyst Trader Tardigrade has shared a chart that illustrates a recurring trend pattern in Dogecoin price movements. The analyst suggests that if this historical pattern repeats, it could spark a parabolic price surge for Dogecoin.
The red curved lines in the diagram indicate DOGE’s rounded consolidation stages throughout different cycles, while the green ascending lines highlight a consistent bullish trend. Each period of consolidation shown has historically led to a significant price rally, where Dogecoin experiences marked price surges at the conclusion of the trends.
According to this recurring trend, DOGE appears to be leaving its most recent consolidation stage, suggesting that a breakout could be imminent. Trader Tardigrade has forecasted that this breakout may lead to a price surge to $5, resulting in new all-time highs for DOGE.
As of now, Dogecoin is trading at $0.33, marking a 3.5% increase over the past 24 hours. To reach $5, the meme coin would need to realize an astonishing surge of 1,415% from its present price.
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