Although recently one could expect widespread liquidations DOGE price collapseDogecoin whales took the economic downturn as a golden opportunity. Perceiving the decline as an opportunity to enter the market at a low level whales are now buying Dogecoin in enormous quantitieswith the most recent transactions recording a purchase worth 270 million.
Dogecoin Whales took home 270 million DOGE
Dogecoin’s recent price drop has prompted enormous investors, usually called “whales,” to accumulate more tokens. Prominent cryptocurrency analyst Ali Martinez exposed on X (formerly Twitter) post on Tuesday, Dogecoin whales purchased as much as 270 million DOGE tokens over the past five days.
This massive $270 million purchase of DOGE is part of a broader accumulation trend seen across the meme coin network. Martinez has been recording since November whales buying hundreds of millions of DOGES during a downtrend.
December 21 analyst revealed that Dogecoin whales purchased 250 million DOGE during this time recent market decline. This bold move was made when investors saw DOGE’s decline as a favorable entry point, behavior often associated with more prominent players who purchase tokens at a lower price in hopes of long-term profits.
The recent DOGE whale shopping spree may indicate mighty faith in the future of the coin. Martinez also expressed optimism about the meme coin’s price prospects, underlining in X’s previous post that DOGE could experience another parabolic rally to $20 ATH.
Although there is a bullish sentiment towards DOGE price remains mightyDogecoin whales are taking advantage of current market conditions and falling prices enhance your shares and prepare for a potential rally. With Dogecoin currently trading at $0.33, DOGE’s recent $270 million purchase is valued at approximately $89 million.
Repeating the pattern can cause the price of DOGE to reach $5
Cryptocurrency analyst Trader Tardigrade has presented a chart illustrating a repeating historical trend pattern in Dogecoin price movement. The analyst suggests that a repeat of this historical trend could result in: parabolic rally for Dogecoin.
The red curved lines on the chart highlight DOGE’s rounded consolidation phases across cycles, while the green ascending lines highlight the steady uptrend. Each period of consolidation on the chart has led to a significant rally, with Dogecoin price exploding at the end of the trend.
Based on a recurring historical pattern, DOGE appears to be breaking out of its stride the final phase of consolidationindicating that a potential breakout may be on the horizon. Trader Tardigrade predicted that a breakout could push prices up to $5 fresh all-time highs for DOGE.
At the time of writing, Dogecoin is trading at $0.33, reflecting an enhance of 3.5% in the last 24 hours. An enhance to $5 would require the meme coin to see a staggering 1,415% enhance from its current price.
Featured image created with Dall.E, chart from Tradingview.com
