Dogecoin Whales are making waves in the cryptocurrency market with their recent acquisition of 158 million DOGE. This substantial move signals the strategic maneuvers of smart money as they position themselves for an anticipated price surge. According to on-chain data shared by crypto analyst Ali Martinez, wallets holding between 1 million and 10 million DOGE have seen a significant increase, pushing their total holdings above 11 billion DOGE.
The activity of these Dogecoin whales is crucial as it often precedes major price movements. While larger holders, those with more than 100 million DOGE, recently sold off approximately 680 million tokens, this reaccumulation by smaller whales suggests a strategic play.
Resistance Levels and Price Predictions
Dogecoin currently trades at $0.28, slightly down from the previous day but up 5% over the past week. A critical resistance level sits at $0.29, a price point that has been tested multiple times since March without a confirmed breakout. Martinez’s charts reveal four distinct peaks at this level, each followed by a pullback. Breaking through this resistance could propel DOGE to new highs of $0.36 and potentially $0.45.
Support at Key Fibonacci Levels
Traders are closely watching the $0.263 mark, which corresponds to the 0.382 Fibonacci retracement level. Recent charts show DOGE bouncing back from this level three times, indicating strong buyer support. Should this support hold, a move towards previous highs of $0.31–$0.32 is anticipated.
Dogecoin ETF Impact
The recent launch of the REX-Osprey Dogecoin ETF (ticker: DOJE) has added a new dimension to DOGE’s market presence. Debuting with $17 million in trading volume, it ranks among the top five ETF launches this year. This move into traditional financial markets underscores growing interest in Dogecoin beyond its meme status.
In conjunction with rising whale activity and the ETF launch, DOGE’s current market dynamics are poised for intriguing developments. While speculative, the signs are there for a potential upward trajectory.
