Dogecoin Whale Holdings Surge by 50% in 30 Days: What This Means for DOGE

Dogecoin whale addresses with over 10 billion DOGE increased by 50% in 30 days, signaling potential for a 12% price rally as selling pressure diminishes.

Dogecoin (DOGE), the largest meme coin in the cryptocurrency ecosystem, has seen a significant surge in whale wallet holdings over the past 30 days. According to data from on-chain intelligence tracker IntoTheBlock, the number of wallet addresses holding more than 10 billion DOGE has increased by 50%. This rise in large wallet investors accumulating DOGE comes during a period of market volatility, where many assets have struggled to maintain their value.

As of the time of writing, Dogecoin is trading at $0.10227. The increase in whale wallet holdings suggests that major investors are taking advantage of the recent dip to accumulate more of the meme coin. This accumulation is a positive sign for Dogecoin, especially when combined with the decrease in selling pressure.

Data from the Global In/Out of the Money (GIOM) metric shows that nearly 48% of wallet addresses holding Dogecoin are currently sitting on unrealized losses. Typically, investors are less likely to sell at a loss, which can reduce the selling pressure on the asset. With fewer investors looking to offload their holdings, Dogecoin’s price may have the potential to stabilize and rally.

In fact, technical analysis suggests that Dogecoin could see a 12% rally from its current price levels. After dipping from its March 28 peak of $0.2288 to a low of $0.08050 on August 5, DOGE has begun to recover. The Moving Average Convergence Divergence (MACD) indicator on the DOGE/USDT daily chart is flashing green histogram bars above the neutral line, indicating positive underlying momentum in Dogecoin’s price trend.

This rally could see DOGE extend gains towards key support levels established between February and July 2024, with a potential target of $0.1145. As whale activity increases and selling pressure diminishes, Dogecoin’s price could be poised for a significant recovery.

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