Dogecoin Whales Continue Buying Spree, Fueling Speculation of a $3 Rally
Highlights:
- Dogecoin whales accumulated 140 million DOGE in the last 24 hours.
- One whale faced a $1.3 million loss after purchasing 14 million DOGE.
- Analysts predict a potential rally pushing DOGE toward $3.
Dogecoin whales have intensified their buying activity, amassing millions of tokens despite a slight market retreat. A prominent crypto market analyst reported that DOGE whales accumulated over $55 million worth of the cryptocurrency in the past day, signaling growing confidence in its future performance. This surge in whale activity has sparked speculation about a significant price rally.
Whale Activity Fuels Optimism
Over recent days, meme coins like Dogecoin have experienced a strong rally, buoyed by positive sentiment in the broader cryptocurrency market. This momentum has driven whales to acquire large quantities of DOGE, reflecting their faith in its potential.
Crypto market expert Ali Martinez shared on X (formerly Twitter) that Dogecoin whales purchased 140 million coins within 24 hours, valued at approximately $56 million. This accumulation has generated buzz around the possibility of a price breakout.
Additionally, Lookonchain reported that a major whale sold off 10.6 million SPX tokens worth $6.2 million to invest in Dogecoin. The whale purchased 13.95 million DOGE for $6.2 million, although the current value of these holdings is approximately $4.88 million, resulting in a $1.33 million loss. Despite the short-term loss, this move underscores the whale’s confidence in Dogecoin’s long-term trajectory.
Could DOGE Reach $3?
Interest in Dogecoin extends beyond whale activity, with growing attention on the meme coin sector. Investor interest surged after Elon Musk was appointed to the Department of Government Efficiency (D.O.G.E.), a development that many interpreted as a playful nod to the cryptocurrency. Musk’s prior support for Dogecoin on X has also bolstered enthusiasm.
Despite these developments, the crypto market has faced some pullbacks. Bitcoin retreated from its all-time high, and Dogecoin dropped over 6% to $0.3726 as of this writing, with its 24-hour trading volume declining by 31% to $14.88 million. Even so, DOGE has seen impressive gains of 89% in the past week and a remarkable 200% over the last 30 days.
While Dogecoin futures open interest fell by 3%, signaling reduced risk appetite among investors, market analysis suggests a potential rally that could push DOGE toward the $3 mark. This possibility continues to draw attention and optimism from the crypto community.
