Dogecoin Eyes Further Rally Amid Massive Whale Accumulation, Is $0.2 Next?

The recent spike in Dogecoin price, marked by a double-digit weekly increase, has captured investor attention. Massive whale transactions and on-chain metrics suggest a potential further rally for the dog-themed crypto. Having said that, a flurry of market pundits now expects the crypto to soar past the $0.2 mark, with significant whale accumulation and rising market interest.

Whale Transfer & On-Chain Metrics Fuel Bullish Sentiment

The crypto world is buzzing with excitement as DOGE whale activity surged recently. According to Whale Alert, a DOGE whale has accumulated 800 million coins in two transactions from Robinhood. The whale, identified by the wallet address “DEgDV….1pMke,” has amassed 400 million coins each in two transactions, totaling $101 million.

Meanwhile, this significant accumulation highlights growing market confidence in the meme coins sector. Notably, amid this surge, 75% of DOGE holders are now in profit. Data from IntoTheBlock indicates a bullish outlook, suggesting a potential rally ahead.

In addition, large holders now account for 62% of DOGE supply. Long-term holders represent 67% of this group, reflecting a strong belief in the crypto’s future. Additionally, Dogecoin recently hit a milestone of 90 million addresses, indicating increased adoption and market interest.

Also Read: Elon Musk’s Video Post Pumps This Meme Coin By 42%

Will Dogecoin Price Hit $0.2?

A recent analysis from CoinGape Media showed that DOGE faces key resistance at $0.128. Breaking this trendline could push its price to $0.174, and if this level is surpassed, Dogecoin could reach $0.228.

The dog-themed cryptocurrency’s recent performance and whale accumulation signal a promising future. With increased market interest and bullish on-chain metrics, the crypto could be poised for a significant rally.

During writing, DOGE price was up over 6% and traded at $0.1264, with its trading volume soaring 26% to $798.28 million. Notably, the crypto has touched a 24-hour high of $0.1295, while noting a weekly gain of 15%. In addition, CoinGlass data showed that the DOGE Futures Open Interest (OI) soared about 12% to $626 million, echoing the bullish sentiment hovering in the market.

Also Read: Phishing Attacks Take Lead Amid WazirX Hack, CoinDCX CEO Issues Dire Warning

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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.