While widespread liquidations would be expected in recent times DOGE price plungeDogecoin whales have used the downturn as a big opportunity. They see the decline as an opportunity for low market entry Whales are now buying Dogecoin in bulkwith recent transactions recording a purchase value of 270 million.
Dogecoin whales grab 270 million DOGE
The recent decline in Dogecoin price has prompted large investors, commonly called “whales,” to accumulate more tokens. Well-known crypto analyst Ali Martinez announced in an X (formerly Twitter) that post on Tuesday that Dogecoin whales have purchased a whopping 270 million DOGE tokens in the last five days.
This massive purchase of 270 million DOGE is part of a broader accumulation trend seen across the meme coin’s network. Martinez has been recording since November Whales are buying hundreds of millions of DOGE during the downtrend.
On December 21, the analyst said revealed that Dogecoin whales had purchased 250 million DOGE during the year recent market decline. This bold move was made as investors viewed DOGE’s decline as a favorable entry point, a behavior often associated with more prominent players purchasing tokens at a lower price in the hope of long-term profits.
The current DOGE Whale buying spree could indicate strong confidence in the coin’s future. Martinez also expressed optimism about the meme coin’s price prospects. point out in a previous X post that DOGE could see another parabolic rally to an ATH of $20.
While the mood is optimistic The price of DOGE remains strongDogecoin whales are taking advantage of current market conditions and falling prices increase their stocks and prepare for a possible rally. With Dogecoin price currently at $0.33, the recent purchase of 270 million DOGE is worth approximately $89 million.
A pattern repeat could see DOGE price reach $5
Crypto analyst Trader Tardigrade has presented a chart illustrating a recurring historical trend pattern in Dogecoin price movement. The analyst believes that a repeat of this historical trend could trigger a crisis parabolic rally for Dogecoin.
The red curved lines in the chart illustrate DOGE’s rounded phases of consolidation in different cycles, while the green ascending lines highlight a steady upward trend. Each period of consolidation on the chart has resulted in a significant rally, with the price of Dogecoin exploding at the end of the trend.
Based on the recurring historical pattern, DOGE appears to be off course recent consolidation phasesuggesting a possible breakout is imminent. Trader Tardigrade has predicted that the breakout could trigger a price increase of up to $5 new all-time highs for DOGE.
At the time of writing, Dogecoin is trading at $0.33, up 3.5% in the last 24 hours. A rise to $5 would require the meme coin to post a staggering 1,415% increase from its current price.
Featured image created with Dall.E, chart from Tradingview.com