Will DOGE Rally Past $1? Whales Accumulate 160M Dogecoins

Is a DOGE Rally Approaching? Analysis of Recent Whale Accumulation

Dogecoin Whales Scoop Up 160M DOGE as Price Nears $0.40

In a dramatic 24-hour period, Dogecoin (DOGE) whales made their presence felt by purchasing a staggering 160 million DOGE. This buying spree underscores the growing interest among large investors in the popular meme coin. 

As $DOGE reached around $0.4028, its price showed signs of bullish momentum, driven by these substantial whale transactions. This surge follows a consistent rally in recent years, with Dogecoin climbing around 350% in value, fueling speculation about its potential to hit the $1 mark. 

Whale Activity Sparks Optimism for a $1 Milestone

Ali Martinez recently reported that $DOGE whales have added 160 million DOGE to their holdings, a move that’s bolstering market sentiment. This influx of large-scale purchases coincides with Dogecoin’s upward trajectory, reinforcing optimism for further gains.

Bullish Price Pattern Sets Stage for 85% Rally

Coingabbar analysts has uncovered a promising double-bottom pattern for Dogecoin, a classic bullish signal that often precedes a significant price surge. This pattern forms when an asset’s price tests a support level twice before bouncing back, creating a “W” shape on the chart. For DOGE, this pattern has solidified around the $0.37 support zone and pushed past $0.46, signaling decreasing selling pressure and increasing buying momentum. With such formations, analysts are predicting an 85% rally, potentially lifting Dogecoin above its previous all-time high. If this momentum continues, the cryptocurrency could reach new heights in the near future.

Current Market Snapshot

At the time of writing, Dogecoin’s price was $0.4105, marking a 2.43%  increase over the past 24 hours. Its market cap stands at $60.41B, and trading volume is at $3.54 billion down 26.73% from the previous day. As the market stabilizes, DOGE’s performance continues to be a focal point for crypto enthusiasts, with many speculating on whether the meme coin can sustain its momentum towards that coveted $1 milestone.