Time to Buy Dogecoin? Whales Buy 110 Million DOGE

In a seemingly dull market, whales and crypto investors found ideal conditions today, as evidenced by Dogecoin (DOGE) investors. A prominent crypto expert on X (formerly Twitter) posted that crypto whales have purchased nearly 110 million DOGE meme coins in the past 48 hours.

Current Price Momentum

Despite substantial purchases by crypto whales, DOGE’s price remains unchanged, showing no significant movements. Currently, the meme coin is trading near $0.25, with a modest 0.80% increase in the past 24 hours.

However, during the same period, traders and investors have shown strong interest in the meme coin, leading to a 25% increase in trading volume.

Dogecoin (DOGE) Price Action and Upcoming Levels

Currently, DOGE is at a crucial support level of $0.245, which has a history of strong price reversals. According to expert technical analysis, DOGE appears to be forming a bullish double-bottom pattern on the daily timeframe, though the pattern is not yet complete. Additionally, the meme coin is facing mild resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe.

Based on historical price momentum, if DOGE surges and closes a daily candle above the $0.263 level, there is a strong possibility it could rise by 20% to reach $0.31 in the coming days.

Bullish On-Chain Metrics

Despite weak price action and market uncertainty, investors and long-term holders have shown strong interest in the asset, as reported by on-chain analytics firm Coinglass. Data from spot inflows and outflows reveal that exchanges have witnessed a continuous and substantial DOGE outflow worth millions of dollars, indicating potential accumulation.

In the past 24 hours, exchanges have recorded a $9.25 million DOGE outflow, indicating potential accumulation and possible buying pressure.

Besides the bullish outlook of long-term holders and investors, intraday traders are also showing optimism. At press time, major liquidation levels are at $0.248 on the lower side and $0.263 on the upper side, with intraday traders over-leveraged at these levels. Additionally, data reveals that bulls currently dominate the meme coin and could support its upcoming rally.