Dogecoin has shown strong performance in the crypto market, breaking over $0.76 in the past 24 hours after a week of range trading. The crypto has seen significant gains of 25.9% in a 30-day timeframe, indicating its emergence as a formidable performer in the past month. However, the rally may still have room to grow, as DOGE whales have been actively working behind the scenes to drive its value up.
The efforts of Dogecoin whales to put the meme coin on the map have been evident, as they have substantially increased their holdings in the past month. On-chain data has revealed that large DOGE addresses have added more than $2 billion in DOGE to drive the crypto towards the $0.1 level. These movements are seen as bullish signals for DOGE’s price trajectory and indicate that the whale accumulation is still ongoing.
Data from the crypto analytics platform IntoTheBlock highlights the current bullish sentiment among Dogecoin whales. The balance of addresses holding between $100,000 to $1 million worth of DOGE has increased by 24.31% in the past 30 days, while addresses holding more than $10 million worth of DOGE have increased by 29.28%. This implies that the crypto’s whales have acquired an additional $2.099 billion in DOGE within the past month. The continuing whale activity and accumulation suggest positive momentum for DOGE’s price.
The current imbalance between the supply and demand for DOGE is revealed through IntoTheBlock’s Order Books metrics. Buyers have placed buy orders of 902 million DOGE on various crypto exchanges, while sellers have only put up 876 million DOGE for sale. This disparity signifies the high demand for DOGE and the potential for its price to rise in the future.
Moving forward, the massive injection of capital into Dogecoin could significantly impact its price, as there continues to be ongoing accumulation of the crypto by whales.
Crypto analyst Ali Martinez has pointed out that DOGE’s crucial support wall at the $0.072 to $0.073 level outstrips the resistance in strength. A breakout over $0.76 puts the next significant hurdle at $0.084, showing potential for further gains in the price of DOGE.
At the time of writing, DOGE has seen a 4.28% increase in the past 24 hours and is now trading at $0.07686. With continued buying pressure from the whales and retail traders, DOGE could potentially be pushed back up to $0.1, a level it has not seen since June. This further highlights the positive sentiment surrounding DOGE and its potential for future growth in value.