Dogecoin Whales Engage in 470 Million DOGE Buying Spree During Bullish Recovery Across Key Metrics
Interestingly, recent reports indicate that Dogecoin whales are actively purchasing large amounts of DOGE, with a massive acquisition of 470 million tokens in their portfolios. This surge in buying activity comes at a time when Dogecoin is showing strong signs of recovery, hinting at a potential upward trend.
Significant Purchase by Dogecoin Whales
Renowned crypto analyst Ali Martinez shared on X (formerly Twitter) that Dogecoin whales have started accumulating DOGE once again, with a recent acquisition of over 470 million tokens. This substantial purchase, which took place in the last 48 hours, is valued at around 155 million based on current market prices. Such high whale activity often indicates renewed interest in the cryptocurrency, influencing market sentiment.
Martinez presented a chart illustrating the behavior of whales holding assets ranging from 10 million to 100 million DOGE, highlighting the cumulative holdings of these large wallets. These whales have been gradually increasing their Dogecoin holdings since early January 2025, with over 1 billion DOGE purchased in the past week.
Notably, the recent uptick in whale purchases coincides with Dogecoin showing a positive recovery in key metrics. Analyst Javon Marks pointed out the formation of a new Descending Wedge pattern, signaling a potentially bullish trend. Market expert Rose Premium Signals also revealed that Dogecoins macro charts indicate a strong bullish structure nearing key support levels and aligning with long-term Fibonacci levels.
DOGE Enters New Descending Wedge Pattern
Currently, Dogecoin is exhibiting a new Descending Wedge pattern, indicating a possible price breakout in the near future. Marks believes that once Dogecoin breaks out of this pattern, it could lead to another significant bullish trend, potentially resulting in a 120% price increase. This optimism suggests a bullish target price of $0.739, up from the current $0.33 market price.
A Descending Wedge, also known as a Falling Wedge, is a bullish chart pattern that often signals a price reversal or continuation. Dogecoins potential breakout from this pattern could lead to a new all-time high, showcasing significant growth prospects in the near term.
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Text source: Crypto Breaking News
