Dogecoin (DOGE) whales have shown increased interest in the leading meme coin, accumulating the cryptocurrency in the past few days. In a week, these highly capitalized investors added over 1 billion DOGE to their stack, worth $157 million.
Finbold retrieved this data from Santiment on June 4, filtering Dogecoin addresses holding between 100 million and 1 billion DOGE. Notably, the chart shows these whales currently hold 31.15 billion DOGE at $0.157 per Dogecoin.
However, on May 27, the number was 30.10 billion, resulting in the bullish accumulation of 1.05 billion coins.
Picks for you
Interestingly, a known cryptocurrency trader and on-chain analyst, Ali Martinez, spotted a similar behavior in the past few days. Martinez previously reported a 700 million DOGE accumulation from May 28 to May 31, worth $110 million. Later, the on-chain analyst reported a 200 million Dogecoin whale accumulation from May 30 to June 4.
Dogecoin (DOGE) price prediction amid whales’ accumulation
DOGE has nearly doubled its price since February, when it was trading at around $0.085. At that time, Dogecoin had a similar trading and transaction volume to what it currently has, of around $864 million and $64 million, respectively.
The gradual fall of these two metrics led to a period of accumulation, followed by the remarkable nearly 100% surge. Therefore, if this pattern plays out, the leading meme coin could experience another similar price action above $0.22—reached in March.
Furthermore, Ali Martinez addressed the 47% price drop from these highs to Dogecoin’s price in May. On May 1, the analyst posted a thread showing DOGE broke out from the descending triangle formed in this period.
According to Martinez, this suggests another pattern previously seen in 2017 and 2021. Particularly, drops of 40% and 56% foreshadowed two massive pumps of 982% and 12,197% in each bull market, respectively.
The trader believes this could propel DOGE to a first level at $1 and further to $6. Nevertheless, these prices would mean $144 billion and $864 billion capitalization to Dogecoin, respectively, which are relatively high market caps.
In summary, Dogecoin whales have been signaling bullish intentions, accumulating 1 billion coins in the last week. Additionally, technical analysis projects DOGE above $1 per coin, but economic fundamentals may impose challenges to reach that mark.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
