astronaut
Walrus
Pearl
Bitcoin
NEAR Protocol
Zcash
Hyperliquid
Key Insights:
- A whale deposited $3.92M USDC into HyperLiquid, opening a DOGE long position with 10x leverage.
- Over 310 million DOGE have been swallowed up by whales in the past 48 hours.
- DOGE is retesting the neckline of a double bottom.
Dogecoin (DOGE) remains the most dominant memecoin in the crypto markets and the current environment is setting it up for a surge. Almost everything looks at its whale accumulation and price action.
The memecoin market cap has been trending to the upside, and DOGE is ready to lead the charge again. This is after the potential completion of DOGE’s bear market. The bear market has lasted since the markets peaked in the last quarter of 2024.
As of press time, Dogecoin price had surge more than 16% in the last 7 days as per CoinMarketCap. The trading volume was more than $4.5 billion despite an 8% price drop in the last 24 hours. The 12.53% volume-to-market-cap ratio suggested enough liquidity for the token trading.
Dogecoin Whale Activity Booming
According to Lookonchain data, whales are quietly accumulating DOGE in anticipation of a leg up that could resemble one in Q4 2024. The on-chain analysis platform reported that a whale had sold their Ethereum (ETH) and deposited the profits into Hyperliquid exchange.
These proceeds were used to buy a 10x leverage trade for DOGE valued at $19.82M. This suggested that the ETH rally could end, paving the way for DOGE to rally.
Ali Charts on X (formerly Twitter) also reported that spot whales were in action. These scooped up more than 310 million DOGE in only two days as of press time. This further showed that the bullish sentiment was back after a period of locking in profits among holders.
Combining the data using CoinMarketCap’s analytics tool showed that whales were responsible for 41.74% of the total supply. More importantly, 65% of the holders held their tokens for over a year.
Generally, the public addresses (about 92%) owned by DOGE held less than $1,000 worth of the tokens. On the other hand, only 0.27% held more than $100K DOGE, as per analytics.
DOGE Price Retests Key Levels
For Dogecoin price action, a widely accepted analyst, Ali Chart, noted that DOGE price was in a retest. In his post, Ali Charts wrote,
From Ali’s analysis, the chart suggested that Dogecoin could hit the $0.50 zone just like it did in the previous bull market. However, the price needed to stay above the $0.25 level that has been broken. The retest need not be below this level, as it could invalidate the bullish structure.
Ali’s prediction is backed by adding more indicators to assess Dogecoin price movement. The 12-hour chart had the fast and slow MAs on the upper side. At the time of writing, price tested the 618 MA, which is crucial for DOGE’s next move.
Buyers may want to anticipate more correction if DOGE breaks under the 618 MA. This could be to test the $0.21 Fibonacci Retracement (Fib) level, or possibly other Fib MA levels at 161, 236, and 361, along with the Ichimoku cloud. While predicting the exact outcome is impossible, the support levels were clearly marked on the chart. These zones could be potential entry points.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
