Dogecoin Whales Accumulate 2.1 Billion DOGE in Bullish Signal for Meme Coin’s Future

Dogecoin has hit a new milestone, with large-scale investors, or “whales,” recording their biggest accumulation week since January 2024. In a strong signal of renewed confidence, whales purchased over 2.1 billion DOGE tokens last week, according to data from blockchain analytics platform IntoTheBlock. This large-scale accumulation underscores the resurgence of interest among prominent investors in the doggy-themed meme coin.

Dogecoin Whales Activity on the Rise

Data from IntoTheBlock indicates that Dogecoin whales have been active recently, accumulating more DOGE tokens in a single week than at any point this year. Over the past seven days, these whales moved approximately 16.24 billion DOGE tokens, valued at $2.76 billion. Just in the last 24 hours, another 8.53 billion tokens were transferred, worth about $1.29 billion. The increase in whale activity aligns with the ongoing price surge of Dogecoin, which has risen by 6.01% in the last week.

For crypto investors and analysts, whale activity often serves as a critical indicator of market sentiment. Large purchases by these major players typically signal confidence in a cryptocurrency’s future performance. In Dogecoin’s case, the current spike in accumulation and transactions suggests that prominent investors are increasingly optimistic, betting on the meme coin’s continued price growth amid broader market volatility.

DOGE Market Cap and Trading Volume Surge

As whale activity intensifies, Dogecoin has also experienced notable growth in market capitalization and trading volume. Over the past week, its trading volume jumped by 30.95%, with the market cap reaching $22.12 billion, solidifying DOGE’s position as the 8th largest cryptocurrency by market cap. The surge in volume and value indicates a renewed interest among both retail and institutional investors, as well as a shift in momentum that could pave the way for further price increases.

TD Sequential Flashes Strong Buy Signal for Dogecoin

Adding to the optimism, crypto analyst Ali Martinez recently highlighted a technical indicator showing a buy signal for Dogecoin. The TD Sequential, known for identifying trend reversals, has now indicated a potential bullish movement on Dogecoin’s 4-hour chart. According to Martinez, as long as Dogecoin holds above the $0.141 support level, it could climb to $0.162 in the near term. Currently trading at $0.15, this support could serve as a critical level, enabling DOGE to sustain its upward trend.

Bullish Prospects for Dogecoin

With whales on an accumulation spree and technical indicators signaling bullish sentiment, Dogecoin is positioning itself for further gains. If the accumulation trend persists and Dogecoin maintains key support levels, market experts suggest that it could continue on a path toward sustained price growth, capitalizing on its increased trading volume and rising market cap.