While widespread liquidations could be expected following the recent DOGE price dropDogecoin whales have taken advantage of the recession as an excellent opportunity. Seeing the decline as an opportunity for a low entry into the market, these whales now buying Dogecoin in large volumeswith the latest transactions recording a purchase of 270 million.
Dogecoin whales get 270 million DOGE
The recent drop in Dogecoin price has led large-scale investors, typically called “whales,” to accumulate more tokens. Prominent crypto analyst Ali Martínez revealed in an X (formerly Twitter) mail on Tuesday that Dogecoin whales bought a whopping 270 million DOGE tokens in the last five days.
This massive purchase of 270 million DOGE is part of a broader accumulation trend seen across the meme coin network. Since November, Martínez has recorded whales buying hundreds of millions of DOGE during the downtrend.
On December 21, the analyst revealed that Dogecoin whales had purchased 250 million DOGE during the recent market crash. This bold move was made when investors saw the decline of DOGE as a favorable entry point, a behavior often associated with more prominent players purchasing tokens at a lower price in hopes of making long-term profits.
The recent DOGE whale shopping spree could indicate great confidence in the future of the currency. Martínez has also expressed optimism about the meme coin’s price prospects. highlighting In a previous X post, DOGE could experience another parabolic rally to an ATH of $20.
While bullish sentiment for DOGE price remains strongDogecoin whales are taking advantage of current market conditions and falling prices to increase your holdings and prepare for a possible rebound. With the price of Dogecoin currently trading at $0.33, the recent purchase of 270 million DOGE is valued at approximately $89 million.
Pattern Repeat Could Cause DOGE Price To Hit $5
Cryptoanalyst Trader Tardigrade has presented a chart illustrating a recurring historical trend pattern in Dogecoin price movement. The analyst suggests that a repetition of this historical trend could trigger a parabolic rally for Dogecoin.
The red curved lines on the chart highlight the rounded consolidation phases of DOGE in different cycles, while the green ascending lines underline a consistent bullish trend. Each consolidation period on the chart has led to a significant rally, where Dogecoin price explodes at the end of the trend.
According to the recurring historical pattern, DOGE is apparently breaking out of its recent consolidation phaseindicating that a possible breakout may be on the horizon. Trader Tardigrade has predicted that the breakout could trigger a price surge of up to $5, marking new all-time highs for DOGE.
At the time of writing, Dogecoin is trading at $0.33, reflecting a 3.5% increase in the last 24 hours. An increase to $5 would require the meme coin to record a staggering 1,415% increase from its current price.
Featured image created with Dall.E, chart from Tradingview.com
