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It’s surprising, Dogecoin whales go on massive buying spreeAs new reports show, these large-scale investors have added 470 million DOGE to their portfolios. This substantial purchase has come in between Dogecoin’s rapid recovery In key metrics, as analysts anticipate a significant push to the upside.
Dogecoin whales buy 470 million DOGE
Popular crypto analyst Ali Martinez revealed Dogecoin on X (formerly Twitter) on January 11th whales are beginning to gather againMartinez announced the latest DOGE acquisition by these deep-pocketed investors, pointing out that whales recently purchased more than 470 million tokens.
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This huge purchase of DOGE in the last 48 hours is valued at around 155 million based on current market prices. As such massive whale activity This often signals renewed interest in cryptocurrencies, potentially influencing market sentiment and trends.
Martinez shared a chart presenting data related to Dogecoin, focusing on the behavior of whales holding assets ranging from 10 million to 100 million DOGE. The shaded area on the chart highlights the cumulative holdings of these wallets owning millions of DOGE.
Around the end of December 2024, Dogecoin whale holdings were relatively stable but began increasing significantly in early January 2025. CEO, a crypto analyst at X, commented This rising accumulation trend was highlighted by the fact that whales have purchased more than 1 billion Dogecoin in the last seven days.
Martinez’s chart also shows that a large amount of Dogecoin was bought between $0.314 and $0.355. These prices highlight areas where Dogecoin experienced notable volatility and slight declines, which presents Buying opportunity for investorsDogecoin previously reached new highs above $0.4 in 2024. However, a rapid improvement Pushed its price back to the $0.3 mark.
Interestingly, the 470 million Dogecoin purchased by whales comes as the cryptocurrency continues to experience a bullish recovery in key metrics. Crypto analyst Jevon Marks revealed that Dogecoin is forming a new descending wedge pattern. Additionally, a market expert on X, identified as ‘Rose Premium Signals’ revealed Dogecoin’s macro charts are indicating a strong bullish structure as it accumulates near key support areas and aligns with long-term fibonacci levels,
DOGE forms new descending wedge pattern
As mentioned earlier, Dogecoin is currently building a new descending wedge patternSignaling another potential price breakout. Mark said Said in his X post that the popular meme coin is well positioned to continue another significant bullish trend after breaking out of this descending wedge pattern.
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A descending wedge, also known as a falling nailA technical chart pattern that indicates the possibility of a price reversal or continuation. It is a bullish pattern that usually occurs during a downtrend, the completion of which is marked by a breakout above the upper trendline.
Marks estimates that if Dogecoin breaks the descending wedge pattern, it could soon reach a new ATH, indicating a potential 120% increase. The analyst has revealed this huge price advantage This could happen any time in the near future, pushing Dogecoin to a new bullish target of $0.739 from its current market price of $0.33.
Featured image created with Dall.E, chart from tradingview.com
