- Dogecoin whales have accumulated 200 million DOGE in 14 days as market confidence grows.
- DOGE’s price is up in its daily and weekly charts, reflecting the current investor sentiment.
- The House of Doge has formed a 10 million DOGE reserve to enhance crypto payments.
Prominent crypto analyst Ali Martinez recently drew the attention of market participants to the ongoing buying spree by Dogecoin whales. In a recent X post, Ali remarked that whales have purchased over 200 million DOGE in the past 14 days. He added that this massive buying pressure indicates “strong confidence despite recent volatility,” plaguing the crypto market.
At the time of writing, Dogecoin is changing hands at $0.2035 following a 9% intraday rally. Its trading volume climbed 27% to $2.05 billion in that timeframe, strengthening bullish momentum. DOGE’s weekly chart also shows a 20% uptick, aligning with its current northbound trend. Furthermore, it has witnessed 15/30 green trading days as buyers continue to fan the positive sentiment.
Whales and Open Interest Signal DOGE Rally
According to data from IntoTheBlock, whale traders hold over 41% of DOGE’s circulating supply. This figure has surged in the last 24 hours after the large holders conducted transactions totalling over $100,000. Data from Coinglass also revealed that top trader accounts anticipate further upsides, with over 71% positioning long on the memecoin. For context, top trader accounts are top users with high margin balances.
Notably, Futures open interest (OI) for Dogecoin grew 7.88% to a three-week high of $1.98 billion. Meanwhile, the derivatives volume surged 16% to $4.09 billion. The market metrics suggest growing investor interest. Historically, liquidity often precedes bull runs, making this trend a strong predictor of Dogecoins’ future trajectory.
Dogecoin Gears Up for Potential Breakout Amid Growing Adoption Efforts
Crypto expert “Trader Tardigrade” has noted that DOGE is finalizing the last stage of its “cycle 3.” Given its price trend in previous years, Dogecoin could be positioned for a massive uptrend. DOGE’s Chaikin Money Flow (CMF) score is 0.19, signaling a positive fund movement. Moreover, the MACD indicator is positioned above the signal line, reflecting an upward movement.
However, DOGE is trading below the $0.21 resistance zone, representing a key hurdle for a potential breakout. If it breaks through this level, the coin could hit $0.22 to $0.25 over the next few months.
The current Dogecoin-frency is partly fueled by the recent formation of a 10 million DOGE tokens reserve to bolster using crypto assets for everyday transactions. This reserve is part of the House of Doge’s goal of utilizing DOGE as a global payment solution for businesses and individuals.
Michael Galloro, a Board-Elect of House of Doge member, remarked that,
With a strategic reserve, House of Doge is laying the foundation for a payments ecosystem that ensures liquidity, stability, and reliability.
He also explained that the reserve would help advance “real-world usability” and improve processing time for everyday users.
