Dogecoin (DOGE) whales are gearing up for a bullish reversal for the foremost meme coin. On-chain data shows that these whales have regained their confidence in Dogecoin and are accumulating more DOGE ahead of a potential rally for the meme coin.
Dogecoin Whale Accumulation Spikes By 868%
Data from the on-chain analytics platform IntoTheBlock shows that Dogecoin whales bought 364.38 million DOGE on July 10, representing an 868% surge from the previous day when these large holders offloaded 37.05 million DOGE. This accumulation trend continued on July 12 when these whales bought 114.71 million DOGE.
These whales are believed to be accumulating Dogecoin ahead of a potential breakout rally for the foremost meme coin. DOGE looks well primed for such, especially with several on-chain metrics turning bullish for the meme coin. Data from IntoTheBlock shows that most holders are again in the money, meaning there is unlikely to be significant selling pressure going forward.
The ‘In The Money’ metric also shows that the $0.10 support level was a crucial support level that Dogecoin bulls needed to hold, which they did. A bullish reversal is likely at this point, with the bears looking worn out. Other metrics like the bid-ask volume imbalance and smart price also paint a bullish picture for Dogecoin.
It is also worth mentioning that Dogecoin looks set for a breakout rally because of its strong positive price correlation with Bitcoin. With the flagship crypto making an impressive recovery and looking to reclaim $60,000, the foremost meme coin could also make a run of its own and rise to new highs.
Crypto analyst Kevin (formerly OG Yomi) also confirmed that Dgecoin’s rally will depend on Bitcoin’s price movement from here. He stated that the meme coin should bounce from this level and “attack the highs sooner rather than later” once a continuation of a bull market is confirmed. The analyst had previously predicted that Dogecoin could rise to as high as $3 in this market cycle.
Not Looking Good But About To Get Better
Crypto analyst Altcoin Sherpa recently admitted that things aren’t looking too good for Dogecoin at the moment but added that the meme coin will do “big numbers” later this year. The crypto analyst had previously predicted that the meme coin would eventually rise to $1 in this cycle and claimed that investing in Dogecoin was one of the “safest bets” anyone could make in this bull run.
Crypto analyst Andrew Kang also recently made a bullish case for Dogecoin, stating that meme coins like DOGE account for most altcoins that are likely to make new highs by the end of this year or the beginning of 2025. Crypto analyst Crypto Kaleo had also previously predicted that Dogecoin would enjoy a significant rally by December of this year or early next year.
Featured image from Reddit, chart from TradingView