Dogecoin Whales Gobble 310M DOGE in 48 Hours—Dip-Buying Frenzy Ignites
Dogecoin's meme-fueled rollercoaster just got wilder. Whale wallets swallowed over 310 million DOGE in two days—proof even crypto’s jester coin has serious players.
When the market sneezes, whales buy the tissue factory. While retail investors panic-sold last week’s dip, deep-pocketed traders treated DOGE’s 15% drop like a Black Friday sale. On-chain data shows nine-figure accumulations hitting cold storage—classic ‘buy when there’s blood’ behavior.
This isn’t their first rodeo. The same whale clusters bought aggressively before DOGE’s 2021 parabolic rally. Now, with Elon Musk’s XPayments integration rumors swirling, they’re doubling down. Because nothing says ‘sound investment strategy’ like betting on a Shiba Inu JPEG.
Technical rebound or trap? The coin’s RSI just bounced from oversold territory, but macro headwinds remain. Either way, the whales have spoken: in crypto, even ‘jokes’ get a second act.
Dogecoin Whale Accumulation/Ali Martinez
These whales now hold 25.42 billion DOGE worth billions of dollars following the recent purchases. Notably, this type of accumulation, especially after a brief profit-taking dip, sparks positive sentiment around a project and usually precedes a price rebound.
Dogecoin Gearing Up for the Next Rally
For context, dogecoin rallied 84% over the past four weeks before its recent dip. It exhibited bullish momentum, rising from $0.1514 on June 23 to a high of $0.2786 in the previous week before closing at $0.2745.
Martinez identified in a parallel tweet that this correction is Dogecoin retesting the neckline of a double-bottom structure in the 3-day timeframe. The W-shaped pattern started to form when DOGE fell below a crucial support level at $0.2577 in February. The bearish trend persisted until a low of $0.1298 in April.
Meanwhile, Dogecoin retested the support—now a resistance—again with its May rally to $0.2599 but failed to hold. It fell again to June’s low of $0.1430 before resuming the rally to last week’s high. Notably, this time, it finally broke above the resistance with its close at $0.2745.
Now, Martinez noted that Dogecoin was simply retesting the neckline at $0.2577 and could be a good buy opportunity for the next round of bullish uptick. His chart shows that DOGE could target the levels around its December peak price of $0.4846 upon a successful retest.
