Technology

Dogecoin Whales Bag Over 60M DOGE, $0.133 Ahead? – Crypto News

Published

9 months ago

July 18, 2024

Dripp

The latest update from a renowned crypto market analyst on Dogecoin whales has sent the crypto town abuzz. Today, July 18, Ali Martinez took to X, revealing colossal DOGE accumulations recorded in the past 24 hours. These on-chain movements have filled the market with optimism despite the recent turbulency encountered by the dog-themed meme coin.

Here’s an overview of Dogecoin’s current market statistics that hint at a potential $0.133 price target looming for the token.

Dogecoin Whales Buying The Dip?

Notably, the DOGE price appears to have encountered a setback amid a broader uptrend, as illustrated by weekly gains of nearly 9%. The meme coin entered the red zone today, coinciding with the broader crypto market trend. This appears to have prompted the whales to bag heavily in the interim.

Ali Martinez’s post spotlights data from Santiment, indicating that over 60 million coins were accumulated amid the turbulency encountered by Dogecoin. These accumulations, bringing significant buying pressure to the asset, have injected optimism on future price movements. For context, the market appears to be brimming with confidence surrounding DOGE, as illustrated by large-scale investors’ massive buying.

Meanwhile, it’s also worth noting that the token’s price moved sideways along the $0.12 price level amid this massive buying, forming a vital support zone. Altogether, the Dogecoin whales’ actions have birthed optimistic sentiments about future price movements.

Also Read: Dogecoin Price Teases 71% Move This Week

DOGE To $0.133 Possible?

At press time, DOGE price traded at $0.1223, down 2.24% in the past 24 hours. Its 24-hour bottoms and tops were $0.1203 and $0.126, respectively.

A recent DOGE price prediction by CoinGape Media shows that the meme coin is developing a bullish reversal pattern, rounding bottom, on the weekly time frame chart. This pattern refers to the bottoming of a downtrend driven by investors’ renewed buying interest.

The enormous accumulation above by Dogecoin whales further falls in line with this data. Under the influence of this pattern, the token could experience further gains, paving the way for a potential $0.133 price target in August.

Also Read: Investors bullish on Rollblock as DOGE and SHIB falter.