Dogecoin price prediction as whales add 1 billion DOGE in a week

Dogecoin (DOGE) whales have shown increased interest in the leading meme coin, accumulating the cryptocurrency in the past few days. In a week, these highly capitalized investors added over 1 billion DOGE to their stack, worth $157 million.

Finbold retrieved this data from Santiment on June 4, filtering Dogecoin addresses holding between 100 million and 1 billion DOGE. Notably, the chart shows these whales currently hold 31.15 billion DOGE at $0.157 per Dogecoin.

However, on May 27, the number was 30.10 billion, resulting in the bullish accumulation of 1.05 billion coins.

Interestingly, a known cryptocurrency trader and on-chain analyst, Ali Martinez, spotted a similar behavior in the past few days. Martinez previously reported a 700 million DOGE accumulation from May 28 to May 31, worth $110 million. Later, the on-chain analyst reported a 200 million Dogecoin whale accumulation from May 30 to June 4.

Furthermore, Ali Martinez addressed the 47% price drop from these highs to Dogecoin’s price in May. On May 1, the analyst posted a thread showing DOGE broke out from the descending triangle formed in this period.

According to Martinez, this suggests another pattern previously seen in 2017 and 2021. Particularly, drops of 40% and 56% foreshadowed two massive pumps of 982% and 12,197% in each bull market, respectively.

The trader believes this could propel DOGE to a first level at $1 and further to $6. Nevertheless, these prices would mean $144 billion and $864 billion capitalization to Dogecoin, respectively, which are relatively high market caps.

Now, in 2024, #DOGE has yet again broken out of a descending triangle!

It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei

— Ali (@ali_charts) May 1, 2024

In summary, Dogecoin whales have been signaling bullish intentions, accumulating 1 billion coins in the last week. Additionally, technical analysis projects DOGE above $1 per coin, but economic fundamentals may impose challenges to reach that mark.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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