Earlier this week, Dogecoin experienced a price surge, peaking at $0.1269, but has since reversed, shedding about 6%. Despite this decline, buying activity persists, particularly among DOGE whales. According to Santiment’s data shared by Martinez, addresses holding between 1 million and 10 million DOGE have collectively increased their holdings to 10.5 billion DOGE tokens, the highest level this year. Additionally, addresses holding between 10 million and 100 million DOGE purchased around 160 million DOGE in the past 48 hours, showcasing a prevailing bullish sentiment among large holders.
Whale activity can significantly impact the price of cryptocurrencies both in the short and long term. The ongoing accumulation of DOGE by whales suggests a strong bullish sentiment, potentially leading to a larger uptrend. Currently, Dogecoin is trading at $0.1192, down 2% in the past 24 hours. This indicates that the buying pressure from whales has yet to be fully reflected in the price. However, continued accumulation could see DOGE outperforming the market in the near term.
With new investments and significant whale purchases, Dogecoin's short-term outlook appears positive. DOGE is trading around a major order block at $0.117 and could either bounce upwards or break below this level. A bounce could see DOGE challenging the next resistance at $0.1266, a level it has struggled to break in the past 30 days.
As large holders continue to show confidence in Dogecoin, the cryptocurrency might experience a renewed bullish trend, driven by sustained whale accumulation.