Dogecoin (DOGE) has seen a significant increase in whale activity during the last 48 hours. According to crypto analyst Ali, whales have accumulated 1.08 billion DOGE in just the last 48 hours as buying pressure increases in the overall crypto market.
Bitcoin reached an all-time high record above $123,000 at the week’s start, and Dogecoin wasn’t excluded from the market’s bullish momentum.
In the last 24 hours, Dogecoin was up 3.53% in the last 24 hours to $0.247, following the GENIUS Act’s passage, which is largely regarded as a pro-crypto legislative catalyst.
Bit Origin, a publicly traded corporation focusing on Bitcoin mining equipment and investments, announced this week that it was raising $500 million to buy Dogecoin as it establishes its digital asset treasury.
The surge in large-scale buying by whales indicates that large investors might be positioning themselves for a major move.
Dogecoin price prediction
Dogecoin has gained for five consecutive days since its low of $0.188 on July 15, reaching an intraday high of $0.257 in the early Saturday session. Analysts view the recent move as a major bullish breakout for Dogecoin, whose price largely stalled in recent months.
DOGE is now up over 48% in the last month. The leading meme-based coin still sits nearly 71% off its 2021 all-time high mark.
Traders are now looking for a breakout, with many anticipating the recent accumulation to result in substantial upward pressure if buying continues or retail traders enter the market.
According to Ali, as Dogecoin (DOGE) overcomes the $0.20 resistance barrier, the next major hurdle to watch is $0.36.
Analysts believe Dogecoin is building a classic double bottom pattern on the daily chart, which is a historically reliable reversal shape. This bullish formation is emerging after DOGE decisively broke out of a long-term descending channel, confirming a shift in momentum.
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