Dogecoin (DOGE) continues to capture attention as a favored asset among cryptocurrency whales, with recent activity fueling optimism about its potential to breach the long-coveted $1 price mark. In the past week, whales purchased $160 million worth of DOGE, signaling confidence in the meme coin despite a recent 6% price dip.
Whale Activity Highlights Bullish Sentiment
Renowned analyst Ali Martinez noted a significant whale transaction on December 12, where 210 million DOGE, worth approximately $86.1 million, was purchased during a price correction at $0.41. Such whale activity often suggests strategic positioning for potential upward price movements, bolstering the case for a bullish Dogecoin outlook.
#Dogecoin whales bought 210 million $DOGE during the recent price correction! 👀👀 pic.twitter.com/0vG2iN1fvJ
— Ali (@ali_charts) December 11, 2024
Technical Indicators Signal Potential Breakout
Dogecoin is also gaining momentum on the technical front. A bullish crossover on the Moving Average Convergence Divergence (MACD) chart—a key signal of upward momentum—has been observed. Additionally, DOGE’s Relative Strength Index (RSI) currently stands at 47.9, reflecting a balanced market poised for a potential breakout.
Martinez has projected a bold price target of $3, surpassing the previous all-time high (ATH) of $0.7376 achieved in May 2021.
Also Read: Dogecoin Whales Scoop Up 160M DOGE: Is the $1 Milestone Within Reach?
Accumulation Trends Mirror 2021 Rally
Data from Messari reveals a steady increase in addresses holding over 1 million DOGE, with holdings now at a record 130.2 billion DOGE. This accumulation mirrors trends seen during the 2021 rally, where whale holdings grew from 110.3 billion to 112.5 billion DOGE.
Ecosystem Upgrades Bolster Long-Term Value
Beyond market activity, the Dogecoin Foundation is driving growth through ecosystem upgrades. The newly announced Dogebox Decentralized Infrastructure System aims to onboard one million grassroots retailers to accept DOGE as payment, reinforcing Dogecoin’s utility in everyday transactions.
Market Snapshot
As of now, Dogecoin trades at $0.4097, with a market cap of $60 billion and a 24-hour trading volume of $3 billion, marking a slight 0.97% increase over the past 24 hours.
With rising whale activity, favorable technical indicators, and ecosystem developments, Dogecoin could be on the cusp of significant growth. If bullish momentum holds, DOGE may not only revisit its ATH but also break past the $1 barrier, cementing its position as a key player in the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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