Dogecoin Prepped for Big Surge with Whales Collecting 550M DOGE, Now Owning 20.6B Tokens

Crypto whales have taken advantage of recent discounted sales of Dogecoin to significantly increase their holdings in preparation for the next surge in price.

Analyst Ali Martinez highlighted the recent spree of whale accumulation, citing data from Santiment that revealed whales acquiring over 550 million DOGE worth $214.5 million in the past week. These whales typically hold between 10 million and 100 million Dogecoin tokens and made their latest purchases while Dogecoin’s price was consolidating between $0.36 and $0.38.

During a previous dip in Dogecoin’s price, these whales added 140 million tokens to their holdings, bringing their total to 19.9 billion DOGE. Following the recent buying spree, their holdings have increased to 20.6 billion DOGE.

As Dogecoin prepares for a breakout from its current consolidation phase, the whales are positioning themselves to benefit from the impending momentum. Despite Dogecoin trading at $0.3884 at present, down 1.24% in the last 24 hours, the whales remain bullish in anticipation of significant growth potential.

Martinez predicts a 120% rally for Dogecoin, with a target of $0.82 if the $0.37 support level holds. He also points out resistance levels at $0.4400, $0.5500, and $0.6500, with the possibility of reaching $1 in the near future.

Additionally, Martinez underscores Dogecoin’s potential for further growth, noting that the meme coin has not yet reached its peak popularity according to data from Google Trends, despite recently reclaiming a multi-year high.