Today, January 27, 2025, the overall cryptocurrency market has experienced a significant price drop and notable selling pressure. Amid this, Dogecoin (DOGE) has gained considerable attention from crypto traders and investors, who appear to be accumulating and betting on the long side.
Recently, Whale Alert, a blockchain-based transaction tracker, posted on X (formerly Twitter) about a crypto whale transferring a notable 175.27 million DOGE to a cryptocurrency wallet. However, the wallet address remains unknown. This significant accumulation is not the only transaction Dogecoin has witnessed today.
Data from the on-chain analytics firm Coinglass shows that exchanges have witnessed an outflow of a substantial $72 million worth of DOGE in the past 48 hours. In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to wallets, indicating potential accumulation and hinting at a possible buying opportunity.
DOGE is currently trading near $0.32 and has experienced a price decline of over 9.14% in the past 24 hours. However, during the same period, its trading volume surged by 180%, indicating increased participation from traders amid the recent price dip.
Looking at these accumulations, crypto whales appear to be taking advantage of DOGE’s recent price decline.
Despite the potential accumulation by long-term holders, intraday traders are also betting on the long side. Currently, DOGE’s Long/Short ratio stands at 1.15, indicating strong bullish sentiment among traders. Additionally, data reveals that 53.50% of top traders currently hold long positions, while 46.50% hold short positions.
When combining these on-chain metrics, it appears that bull, whether long-term holders or intraday traders are currently dominating the meme coin, which is a bullish sign for holders.
According to expert technical analysis, DOGE is near a crucial support level of $0.30. Historically, this support has provided strong buying pressure, leading to notable upside momentum.
Since December 2024, DOGE has reached this level multiple times, and on each occasion, it has experienced significant upward momentum. Based on recent price action, DOGE could soar by 30% and potentially reach the $0.42 level in the near future.
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