Dogecoin Is Now Poised For A Significant Surge

Dogecoin is now poised for a significant surge as large investors, often referred to as “whales,” have accumulated 550 million DOGE.

Bringing their total holdings to 20.6 billion tokens.

Crypto whales are taking advantage of recent discounts in Dogecoin prices to significantly increase their holdings in anticipation of a price surge.

Market analyst Ali Martinez highlighted this trend, noting that these large investors have acquired over 550 million DOGE, valued at $214.5 million, in just the past week.

These whales typically hold between 10 million and 100 million DOGE tokens and made their purchases while the price of Dogecoin stabilized around $0.36 to $0.38.

Following a notable price drop from $0.4350 on November 12, they added another 140 million tokens to their portfolios, raising their total to 20.6 billion DOGE.

This group of wealthy investors has been steadily accumulating Dogecoin for the last two months, showing a trend of buying alongside price movements.

With Dogecoin now poised to break out of its short-term consolidation, these whales are positioning themselves for potential upward momentum.

As of now, Dogecoin is trading at $0.3843, down 1.24% in the last day, while other meme coins are also facing challenges despite Bitcoin’s rally towards $100,000.

Martinez previously forecasted a possible 120% increase for Dogecoin, predicting it could reach $0.82 if it maintains support at $0.37.

He also noted that after breaking out of its current consolidation, Dogecoin will encounter resistance at $0.4400, with further challenges at $0.5500 and $0.6500, potentially paving the way for a rise towards $1.

Additionally, he pointed out that Dogecoin still has room for growth, as data from Google Trends indicates that its popularity has not yet peaked, despite a recent surge to a multi-year high.

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Also Read: A Dogecoin Analyst Now Predicts A Projected Reach Of $11

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Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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