Dogecoin whales are on a significant accumulation spree, as reports reveal that these large-scale token holders have bought over 550 million DOGE tokens. This massive accumulation trend comes as analysts predict that DOGE may be preparing for a major price leap. 

Dogecoin Whales Go On Massive Buying Trend 

Crypto analyst Ali Martinez has revealed that over the past week, large-scale token holders, often called “whales,” have purchased more than 550 million DOGE tokens, valued at an impressive $214.5 million. Although Martinez made this announcement in an X (formerly Twitter) post on November 21, this news was initially reported by Santiment, a market intelligence platform. 

The recent surge in whale accumulation has put significant buying pressure on DOGE, highlighting the increased investor demand and interest. Notably, this increase in whale activity comes as the DOGE price has recorded significant gains this month. 

Historically, large scale whale movements have often aligned with significant shifts in the Dogecoin price. Earlier this month, there was an increase in whale activity as Dogecoin’s value soared above $0.3. While the unexpected price spike led to increased selling pressure, it appears whales are returning and are buying into DOGE in droves.

As the number one meme coin, DOGE has already gained a massive following and a supportive community, which have contributed to its popularity, widespread adoption, and increase in value. Recently, the Dogecoin price recorded double-digit gains as news of SpaceX CEO Elon Musk’s Department of Government Efficiency (D.O.G.E) proposal spread. 

Moreover, the positive market sentiment from Donald Trump’s win in the US Presidential election also served as a bullish catalyst for the DOGE price. With all these market rallying factors in place, whales appear to be hedging their bets in preparation for a potential price surge.

This spike in whale activity can also be seen as IntoTheBlock reports that approximately 60.9 billion DOGE tokens have been moved around by whales in the past week. This massive spike in large transaction volume represents $23.35 billion.

Analysts have also predicted that once the DOGE price breaks past resistance levels around $0.4, the cryptocurrency will enter a major bullish phase. Additionally, analysts forecast that Trump’s upcoming inauguration could further propel Dogecoin’s price, potentially pushing it to the highly coveted $1. 

Analyst Predicts Dogecoin Price Pump Above $4

Following Martinez’s post highlighting the significant rise in Dogecoin whale accumulation, crypto analyst Trader Tardigrade suggested that these large-scale holders may be positioning for a 10X surge in the Dogecoin price.

As of writing, DOGE is trading at $0.39; therefore, a 10X surge would push the meme coin towards a $4 price target. Trader Tardigrade has also indicated that if these whales aim for a much larger Dogecoin price spike, then the meme coin could be gearing up for a higher surge above $4. 

Featured image created with Dall.E, chart from Tradingview.com

Cardano (ADA) has experienced a remarkable surge, crossing the $1 threshold for the first time since April 2022. Over the past 24 hours, ADA price increased by 30%, reaching $1.06. Trading volumes also witnessed a sharp rise, climbing 150% to $6.7 billion, reflecting heightened market activity.

Despite these milestones, analysts say this is just the beginning, with some weighing in on future projections. With bullish on-chain metrics, increasing whale activity, and growing investor confidence, the question now remains, what is next for ADA price?

Cardano Price Records 30% Surge to $1 Amid Bullish Metrics

Following the recent crypto rally, Cardano price has surged by 30% in the past 24 hours, achieving a price of $1.06. This marks the first time ADA has crossed the $1 mark since April 2022. Trading activity also showed a substantial increase, with volumes spiking by 150% to reach $6.7 billion in just 24 hours. 

More so, the crypto rally aligns with recent analysis predicting ADA price could cross the $1 mark this weekend. Analysts have suggested that the crypto is yet to fully realize its potential. Ali Martinez expressed optimism stating,

“$ADA has surged nearly 200% in the last three weeks! But that’s nothing compared to what is coming.”

According to crypto analyst Ali Martinez, the recent Cardano price movement is just a precursor to larger gains. Martinez pointed out that ADA whales holding between $1 million and $10 million worth of ADA have increased holdings by over 100% in the past month. This has resulted in large transactions exceeding $22 billion daily on the network, signifying robust accumulation activity.

From a technical standpoint, Martinez noted that ADA is mirroring its previous bullish cycle. If this pattern continues, ADA could aim for targets as high as $6. However, he emphasized that the $0.80 support level, where 1.2 billion ADA were purchased by 48,000 addresses, remains crucial for sustaining the current bullish trend.

On-Chain Metrics Show Strong Momentum

In addition, on-chain data underscores the bullish sentiment surrounding ADA. According to CoinGlass, Cardano price has benefited from a 32% increase in open interest, which now stands at $889 million.

Moreover, short liquidations have reached $9.77 million in the past 24 hours, indicating that traders betting against ADA’s rally were forced to close their positions. This forced buying pressure has further fueled ADA price growth during the ongoing crypto rally.

Additionally, data from Santiment highlights Cardano’s tripling market cap over the past 17 days. Concurrently, the crypto recorded $165 million in realized profits in a single day, the highest in eight months. More so, the data show Social media discussions about ADA have reached an 11-month high, underlining the growing interest within the community.

Another analyst, Dan Gambardello, noted that ADA’s trajectory over the past three weeks, which saw nearly 200% growth, mirrors its previous bullish patterns. He identified key support zones around $0.80 and resistance near $1.05, suggesting further upside potential.

Gambardello emphasized that if the current pattern holds, Cardano price could aim for a long-term target of $10. This recent rally has prompted several analysts and investors to weigh in on the possible price targets for ADA price, with projections ranging from $1.00 to as high as $15.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.