Price Analysis

Whales Accumulating Dogecoin Heavily, Will This Fuel the DOGE Price Above $1?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 27, 2022

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Highlights

    Dogecoin price after a slight consolidation appears to have relaunched a significant uptrend towards the local barrier at $0.1501

    The recent price slash attacted many whales who bought the asset at the discounted price

    The on-goings with the DOGE price led the popular crypto re-enter the top 10 cryptocurrency list again

Source: Intotheblock

Dogecoin’s price after rebounding firmly at $0.14 which was also the neckline of the double top pattern, may undergo a massive uptrend very soon. As the asset seems to have laid down the path towards much-required levels at around $0.2. On the other hand, the whales just encashed the ‘buy the dip’ moment and accumulated heavily. This may indicate an upcoming ascending trend at the earliest. 

The Dogecoin price after dropping below the neckline slightly, rebounded firmly and currently setting a path towards the pivotal resistance at $0.17. In doing so the price needs to surpass the psychological barrier at $0.155, which may induce a huge volume to uplift the price towards the upper barrier. Sensing the upcoming spike, the Whales just expanded their accumulation, which induced a huge volume in the market cap. This in turn led Dogecoin to enter the top 10 ranking list again. 

In an interesting twist in holdings of DOGE whales, the address holding more than 10B DOGE added up to more than 10 billion tokens. Interestingly, the address that held 1B to 10B tokens let off 10 billion tokens at the same time. This was during the first few days of April when the price witnessed a single day drop of more than 17%. 

Source: Intotheblock

This makes the Whales hold nearly 46.62% of the entire Dogecoin supply which is divided among 8 Whales. Moreover, 6 out of 8 whales are extremely active and may make a larger move possible irrespective of the direction. On the other hand, the investors hold only 19.82% of the supply and out of which only 25% of them are active. And hence it is pretty clear that Whales play a huge role in the Dogecoin(DOGE) price rally ahead. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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