As the cryptocurrency market continues to fall, crypto whales are seizing this opportunity and heavily accumulating tokens. Recently, a whale transaction tracker, Whale Alert, provided multiple data points on X (previously Twitter), indicating that in the last 24 hours, crypto whales have massively accumulated Dogecoin’s DOGE token.
Will the DOGE price increase?
According to the data from Whale Alert, in the last 24 hours, crypto whales have accumulated more than 288 million DOGE tokens, worth nearly $54 million, from Coinbase and Robinhood. However, all these accumulations occurred during a period when the DOGE token experienced a significant price fall.
In addition to this massive accumulation, one crypto whale also deposited a massive 60.2 million DOGE tokens, worth around $11.1 million, to the Robinhood exchange. These actions by crypto whales highlight the negative market sentiment, with some viewing it as an opportunity while others are still in fear and exiting their positions.
Besides the recent DOGE accumulation, on April 2, 2024, another crypto whale added 134 million of DOGE worth around $27 million as reported by Todayq News. These all DOGE accumulation highlights that whales are buying the dip amid price drops.
Dogecoin (DOGE) technical analysis
According to expert technical analysis, DOGE’s weekly timeframe still appears bullish following its breakout of the major resistance level near $0.16. While DOGE’s price soared massively at one point, it now appears to be retesting its breakout level. Due to the current market situation, traders and investors are looking to avoid the market. However, there is the possibility that after Bitcoin halving when market sentiment changes, the price of DOGE will surge to the $0.288 level.
Currently, Dogecoin’s DOGE token is trading near $0.17, and in the last 24 hours, it experienced a price fall of over 1.6%. If we look at the performance of DOGE over a longer period, in the last 7 days, DOGE’s price experienced a downside momentum of over 6%. However, over the last 30 days, the DOGE coin has still gained value.
Despite the negative market sentiment, the Crypto-meme sector is up by 0.65%. However, this is primarily due to the impressive performance of the dogwifhat (WIF) and BOOK OF MEME (BOME) tokens, as both tokens gained a price surge of over 3% and 6%, respectively. Meanwhile, the 24-hour trading volume is down by 15%, indicating that investors and traders are avoiding the current market due to high volatility.
