Dogecoin Whales Bag 750M DOGE Amid Recent Market Dip, What’s Next?

Dogecoin whales again echoed a market frenzy on Thursday, embarking upon a massive DOGE buying spree amid the recent volatile market trend. On-chain data revealed by a top crypto analyst highlighted that a staggering 750 million tokens were bought amid the meme coin’s fall below the $0.3 price level. As a result, traders and investors eye remarkable gains ahead, thus paving the way for a recovery.

Dogecoin Whales’ Massive Buying Fuels Market Optimism

According to an X post by the crypto market analyst Ali Martinez on February 6, Dogecoin whales bought 750 million coins amid the recent market dip. As per the analyst’s post, the massive buying occurred as the coin slipped from the $0.3 level to the $0.2 level, mirroring the broader trend.

In turn, bullish sentiments surrounding DOGE price’s future have prevailed across the market, primarily in light of heightened whale buying. For context, usual market sentiments convey immense optimism in the wake of whale accumulations as they signal large-scale investors’ confidence in the asset.

Are Whales Buying The Dip?

Meanwhile, it’s also worth mentioning that the current strategy illustrated by Dogecoin whales is a potential buy-the-dip maneuver. Against the backdrop of the crypto market’s current volatile trend that started this month, BTC & altcoins have reversed concerning values from prices.

In sync with this trend, even the DOGE price has tanked nearly 20% from January’s end to date. Notably, the asset’s price fell from the $0.33 level to $0.26 in this period. Dogecoin whales’ decision to buy amid this dip signals that recovery and further gain loom for the top meme coin.

Can DOGE Price Pump Ahead?

At the time of reporting, DOGE price witnessed a tight sideways trading session intraday, resting at $0.2642. Its 24-hour low and high were $0.2544 and $0.269, respectively. Despite the current turbulent price action, market participants remain optimistic about future movements attributable to Dogecoin whales’ recent trade maneuvers.

Simultaneously, renowned crypto market trader ‘Cas Abbé’ took to X, igniting optimism surrounding the meme coin’s future movements. According to the trader, the dog-themed coin’s “fractal looks very similar to Q3 2024.” This statement indicates that the token is consolidating after a big crash. However, historically, following this dip, the coin went on a parabolic rally and pumped 300% in just 4-6 weeks. As a response to this bullish prediction, market watchers remain positive over further gains, with bullish sentiments further supported by whale accumulations.

Also, a recent Dogecoin price analysis by CoinGape further aligned with soaring market optimism, indicating that the token eyes a bullish trend ahead. This analysis is also attributed to the price mirroring historical patterns and bullish whale statistics, revealing a price pump is imminent.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.