The latest Dogecoin whale data has shaken the crypto market, revealing massive accumulations as the meme coin hovers around a crucial price level. On February 21, renowned market analyst Ali Martinez reported that whales had scooped up a staggering 110 million DOGE in just 48 hours. This substantial buying activity has sparked anticipation of a potential bullish breakout, with analysts maintaining an optimistic outlook on the token’s price trajectory.
Dogecoin Whales Eye $0.25 as a Key Support Level
Ali Martinez’s recent X post highlighted that Dogecoin whales have been accumulating large amounts of the token around the $0.25 mark. This level has become a focal point for market participants, as historical data suggests it could establish strong support ahead.
Whales bought 110 million #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/bwMiGNW0gp
— Ali (@ali_charts) February 21, 2025
Adding to the bullish sentiment, a report by CoinGape noted that despite fluctuations, whales refrained from significant sell-offs when DOGE traded near $0.25. This behavior underscores growing investor confidence in the meme coin’s potential upside, as whale activity often signals a possible price rally.
What’s Driving the Whale Accumulation?
One of the main catalysts behind this buying spree is the rising speculation over a potential Dogecoin exchange-traded fund (ETF). Last week, the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale’s 19b-4 filing for a Dogecoin ETF. This development has significantly bolstered whale sentiment, as an ETF approval could introduce substantial institutional investment, driving DOGE’s price higher.
Despite the ETF optimism, Dogecoin faced a 6% weekly decline, prompting whales to capitalize on the price dip. The accumulation suggests that large investors are positioning themselves ahead of a possible rally, leveraging the “buy-the-dip” strategy.
Is a DOGE Breakout on the Horizon?
Dogecoin’s price has been consolidating, rising nearly 1% intraday to $0.2564. It recorded a 24-hour low of $0.2505 and a high of $0.2576, reflecting relatively stable movement despite the broader crypto market’s turbulence.
Market analysts remain bullish on DOGE’s trajectory. Crypto trader ‘Trader Tardigrade’ pointed out a ‘symmetrical triangle’ pattern forming on the DOGE price chart, a classic indicator of an impending breakout. Similarly, ‘Altcoin Scholar’ identified $0.22 as a strong support level, suggesting that a decisive move above this range could fuel further gains.
With whales aggressively accumulating and bullish technical indicators forming, Dogecoin appears primed for a potential breakout. If the ETF narrative gains traction, DOGE could see renewed momentum, making it a closely watched asset in the coming weeks.
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.
Also Read: Dogecoin Whale Dumps 100M DOGE—Will This Trigger a Market Reversal?
