- Dogecoin is witnessing massive whale accumulation, with over 530 million tokens scooped up in just three days.
- Analysts predict a breakout above $0.29124 could trigger a rally toward $0.50–$0.60.
Big-money investors are taking advantage of Dogecoin’s price drop. Over the last three days, whales have accumulated more than 530 million DOGE tokens, according to analyst Ali Martinez.
Whale transactions worth over $100,000 surged by 41% in just 24 hours, data from IntoTheBlock reveals. This spike in activity suggests strong confidence among large investors.
Institutional Traders Bet on Dogecoin
Institutional traders are also showing bullish sentiment. Data from Coinglass indicates that 74% of top traders have taken long positions on DOGE. This means most big players are betting on a price increase.
When whales accumulate, it often influences retail traders to follow suit. Their actions can create momentum, pushing prices higher.
Analysts Predict a Major Breakout
Despite Dogecoin’s struggles, analysts see a breakout ahead. Rose Premium Signals, a well-known cryptocurrency tracker, believes DOGE could skyrocket if it breaks above $0.29124.
The analyst set a long-term target of $0.50 to $0.60, with potential for even more gains. If Dogecoin crosses the key resistance level, a strong rally could follow.
DOGE Faces Heavy Losses Despite Optimism
Even with the bullish outlook, Dogecoin has faced steep declines. The meme coin has plunged over 42% this month, pushing its year-to-date losses to 40%.
At the time of writing, Dogecoin trades at $0.1881, down 7.87% in the last 24 hours, according to Benzinga Pro.
Will Dogecoin Bounce Back?
With whales accumulating and institutional investors going long, a potential turnaround may be on the horizon. If DOGE breaks key resistance levels, a surge toward new highs could be in play.
For now, all eyes are on the $0.29124 mark. If Dogecoin crosses this level, a major rally could follow.
