Whales have been accumulating over 100 million Dogecoins in the past 7 days. Does this mean DOGE could be rallying soon?
Dogecoin has surged 6.78% in the past 24 hours as of press time, per CoinMarketCap data. Despite a low trading volume in the same period, DOGE is showing strength fueled by heightened whale accumulation. Following the recent filing of DOGE ETFs by 21shares, the memecoin could be poised for a price uptrend in the coming days.
Recent On-chain data hint at a surge in whale accumulation. According to the data, wallets holding between 1 million to 10 million DOGE have steadily risen over the past week, surpassing 100 million coins.
While there is no sudden spike in price, crypto analysts predict DOGE could be eyeing a breakout above $0.2000 soon. This could trigger a price rally amid changing market sentiment towards memecoins.
Whale accumulation often signals a preparatory phase before a price breakout. One should monitor volume and key support levels for further insights.
