Amid the ongoing market uncertainty, Dogecoin (DOGE), the popular meme coin, is poised for a massive upside rally as it has garnered widespread attention, with crypto whales strongly betting on it. Recently, a prominent crypto expert posted on X (formerly Twitter) that whales have accumulated a significant 560 million DOGE in the past week.
The post on X also stressed that this significant accumulation comes after an intense sell-off, which is currently signaling growing interest from long-term holders, whales, and investors. In addition, whales and long-term holders have been consistently found accumulating the tokens.
Data from Coinglass’s spot inflow/outflow metrics revealed that exchanges have witnessed an outflow of $13 million worth of DOGE, indicating potential accumulation and the possibility of buying pressure.
However, despite substantial accumulation, the DOGE meme coin hasn’t witnessed any major gains or buying pressure.
Besides the strong accumulation by whales and long-term holders, intraday traders seem bullish on the meme coin today, February 1, 2025. At press time, the DOGE Long/Short ratio stands at 1.05, indicating strong bullish sentiment among traders.
With all these on-chain metrics, the DOGE meme coin appears bullish, and this could support the coin in gaining a massive upside rally.
According to expert technical analysis, DOGE appears bullish as it seems to be forming a bullish double-bottom price action pattern on the daily time frame.
Based on the recent price action and historical momentum, if DOGE holds above the $0.31 level, there is a strong possibility it could soar by 25% to reach the $0.415 level in the coming days.
DOGE is currently trading near $0.33 and has experienced a modest price drop of 0.25% in the past 24 hours. During the same period, its trading volume increased by 35%, indicating heightened participation from traders and investors compared to previous days.
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