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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Dogecoin Whales Bought Over 90 Million DOGE In 48H – Details

Sebastian Villafuerte
Sebastian Villafuerte
4 months ago
3 mins read
Dogecoin Whales Bought Over 90 Million DOGE In 48H – Details

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Dogecoin is currently trading around $0.31, a level that has left investors in a state of uncertainty. The price has been stagnant, neither breaking down nor rallying, as it consolidates and prepares for what could be a significant move. This period of indecision has fueled speculation among DOGE enthusiasts, with many wondering if the popular meme coin is poised for a breakout or further decline.

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Adding to the intrigue, crypto analyst Ali Martinez recently shared key data suggesting a potential bullish outlook for Dogecoin. According to Martinez, whales have accumulated over 90 million DOGE in the past 48 hours, a significant indicator of long-term optimism. Historically, whale activity has often preceded notable price movements, hinting at the possibility of renewed momentum.

While the short-term outlook remains unclear, this whale accumulation could act as a strong foundation for Dogecoin’s next move. However, the meme coin must overcome its current indecision before any substantial trend emerges. 

Can Dogecoin rally and reignite its meme-driven hype, or will it succumb to further consolidation? Only time will tell as DOGE approaches a critical juncture.

Dogecoin Whales Prepare For A Move

Dogecoin has been navigating through a challenging phase, with its price experiencing significant drops in recent weeks. Despite the bearish sentiment dominating the broader market, whales have consistently taken advantage of the dip, signaling long-term confidence in the meme coin. This accumulation trend underscores the potential for a bullish reversal in the near future.

Martinez recently highlighted compelling on-chain data, revealing that whales purchased over 90 million DOGE in the past 48 hours alone. This buying spree adds to a growing trend of whale accumulation during the current market pullback. Martinez’s analysis suggests that large-scale investors are positioning themselves for a long-term rally, viewing the current price levels as an opportunity rather than a risk.

Dogecoin Whale accumulation taking place
Dogecoin Whale accumulation taking place | Source: Ali Martinez on X

Historically, whale activity has often foreshadowed significant price movements and Dogecoin’s current scenario appears no different. If DOGE can maintain its position above the crucial $0.31 level, the foundation for a massive rally will solidify. However, breaching this support could open the door to further downside, adding urgency to the current consolidation phase.

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As accumulation continues and key support levels hold, Dogecoin’s bullish outlook remains intact. Investors are now watching closely to see if this meme coin can capitalize on whale confidence and spark its next upward surge.

Key Levels To Hold

Dogecoin is trading at $0.31, reflecting a tug-of-war between bulls and bears. Recent price action saw DOGE fail to reclaim the $0.35 mark, a key resistance level that needs to be broken for bulls to regain control. On the downside, attempts to break below $0.30 have also been unsuccessful, signaling strong demand at this level. However, the indecision leaves DOGE at a critical juncture, with both bullish and bearish scenarios still in play.

DOGE testing crucial liquidity
DOGE testing crucial liquidity | Source: DOGEUSDT chart on TradingView

For bulls to reclaim momentum, Dogecoin must push above $0.37 and hold it as support. Breaking and sustaining this level would signal renewed strength, potentially setting the stage for a rally. Without this breakthrough, however, DOGE risks losing its current foothold.

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4 months ago

The broader market sentiment leans bearish, with many altcoins showing signs of vulnerability. If the market enters a deeper correction, DOGE could break below the $0.30 support. Such a move could trigger a cascade of selling, pushing the price as low as $0.20, a significant psychological level and historical support.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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