310M DOGE Frenzy in 48 Hours: Is This the Dogecoin Rebound After a 10% Plunge?
Dogecoin traders just moved mountains—310 million coins in two days. Was it panic selling or accumulation before a pump?
Whales are circling
That volume spike isn’t retail FOMO. When DOGE sheds 10% then sees nine-figure transactions, someone’s making big bets. Meme coin or not, liquidity like this moves markets.
The ‘dip buyers’ dilemma
Every -10% looks like a discount until it becomes -20%. But with Elon’s favorite crypto, logic left the chat in 2021. Technicals say oversold, fundamentals say… well, do DOGE fundamentals even exist?
Wall Street would call this ‘price discovery.’ Crypto Twitter calls it ‘number go up technology.’ Place your bets—the casino is open.
The Whales and the Other Bullish Factors
The biggest meme coin has experienced a substantial price pullback over the last 24 hours, retreating by around 10% and currently trading at $0.23 (per CoinGecko’s data).
However, the whales’ recent actions suggest that another uptrend could be just around the corner. The popular X user Ali Martinez revealed that large investors have purchased more than 310 million Doge in the span of 48 hours, “signaling major accumulation after a brief profit-taking dip.”
The USD equivalent of the bought stash is roughly $73.5 million, whereas the whales now hold approximately 25.42 billion tokens. This represents 16.6% of Dogecoin’s circulating supply and is worth more than $6 billion.
The accumulation from big investors leaves fewer coins available on the open market and might trigger a price rally if demand remains steady or increases. Furthermore, their actions could be mimicked by smaller players who may inject fresh capital into the ecosystem.
The rising outflow of DOGE from exchanges should also be interpreted as a bullish element. CoinGlass’s data shows that investors have been moving their holdings from centralized platforms to self-custody solutions over the last several months, which reflects a reduced immediate selling pressure.
Last but not least, Dogecoin’s Relative Strength Index (RSI) has dropped to nearly 30. Such a ratio typically indicates that the asset may be oversold and is due for a trend reversal. Conversely, anything above 70 means that the valuation has soared too rapidly in a short period and may be followed by a short-term correction.
Price Predictions
Despite the dip, many Dogecoin proponents remain optimistic that the price is poised to reach fresh peaks soon. X user Galaxy assumed that the pullback has acted as a retest of the recent breakout, envisioning a new uptrend that could go as high as $0.52.
Ultimae GL sees “a high probability” for DOGE to tap $0.35 next. To do so, the price must hold $0.21 as support and break above $0.28.
CryptoELITES claimed the meme coin’s bull run is far from being over, setting an ambitious target of $5 as the next all-time high.
