Surprisingly, Dogecoin whales are on a massive buying spree, as new reports show that these large-scale investors have added a whopping 470 million DOGE into their portfolios. This substantial purchase comes amid Dogecoin’s bullish recovery in key metrics, as analysts project a significant push to the upside.
Dogecoin Whales Buy 470 Million DOGE
Popular crypto analyst Ali Martinez revealed on X (formerly Twitter) on January 11 that Dogecoin whales have begun accumulating again. Martinez announced the latest DOGE acquisition by these deep-pocketed investors, highlighting that Whales recently bought over 470 million tokens.
This substantial DOGE purchase, which occurred in the last 48 hours, is valued at approximately 155 million based on current market prices. Such large-scale whale activity often signals a renewed interest in the cryptocurrency, potentially influencing market sentiment and trends.
Martinez shared a chart presenting data related to Dogecoin, focusing on the behavior of whales holding assets spanning from 10 million to 100 million DOGE. The shaded area on the chart highlights the cumulative holdings of these wallets owning millions of DOGE.
Around late December 2024, Dogecoin whale holdings were relatively stable but began increasing significantly in early January 2025. CEO, a crypto analyst on X, commented on this surging accumulation trend, highlighting that whales have purchased over 1 billion Dogecoin in the last seven days.
Martinez’s chart also shows that large amounts of Dogecoin were purchased between $0.314 and $0.355. These prices highlight areas where Dogecoin experienced notable volatility and a slight pullback, presenting a buying opportunity for investors. Dogecoin previously surged to new highs above $0.4 in 2024. However, a steep correction pushed its price back towards the $0.3 mark.
Interestingly, the 470 million Dogecoin purchased by whales comes as the cryptocurrency experiences a steady bullish recovery in significant metrics. Crypto analyst Javon Marks disclosed that Dogecoin is forming a new Descending Wedge pattern. Additionally, a market expert on X, identified as ‘Rose Premium Signals,’ has revealed that Dogecoin’s macro charts are signaling a strong bullish structure as it accumulates near key support zones and aligns with long-term Fibonacci levels.
DOGE Forms New Descending Wedge Pattern
As mentioned earlier, Dogecoin is currently forming a new Descending Wedge pattern, signaling another potential price breakout. Marks stated in his X post that the popular meme coin is well positioned to continue another substantial bullish trend once it breaks out of this Descending Wedge pattern.
A Descending Wedge, also known as a Falling Wedge, is a technical chart pattern that indicates the potential for a price reversal or continuation. It is a bullish pattern that typically occurs during a downtrend, with its completion marked by a breakout above the upper trendline.
Marks predicts that if Dogecoin breaks above the Descending Wedge pattern, it could hit a new ATH soon, reflecting a potential 120% increase. The analyst has revealed that this massive price gain could happen anytime soon, pushing Dogecoin from its current market price of $$0.33 to a new bullish target of $0.739.
Source: NewsBTC