Analyst Blows The Whistle: Dogecoin Whales Have Been Quietly Buying Millions

Dogecoin Whale Activity Surges, Signaling Bullish Momentum

Dogecoin has seen a significant surge in buying activity from investors, particularly from whales, who have accumulated over 60 million DOGE tokens in the past 24 hours. This whale accumulation, tracked by crypto analyst Ali Martinez, indicates that large holders remain bullish on the cryptocurrency.

Whale Buying Activity Fuels Optimism

Santiment data reveals that DOGE whales have increased their collective holdings to a record-high of 10.5 billion tokens this year. This on-chain activity has fueled optimism among DOGE holders, suggesting a continuation of the bullish sentiment.

Bullish Sentiment Among Large Holders

Apart from whales with holdings between 1 million and 10 million DOGE, investors holding between 10 million and 100 million DOGE have also acquired around 160 million DOGE in the past 48 hours. This buying activity indicates a widespread bullish sentiment across all classes of large holders.

Short-Term Outlook Remains Positive

Whale activity can impact the price of cryptocurrencies both in the short and long term. The continued accumulation suggests that DOGE is still garnering bullish interest from large holders. Although DOGE has experienced a recent price correction, it remains near a crucial support level.

Key Resistance and Support Levels

DOGE is currently trading near a critical order block at $0.117. A bounce from this level could push DOGE towards the next resistance at $0.1266, a level it has failed to break through multiple times in recent weeks.