June 20, 2024

Dogecoin is doing well today because big holders (whales) with a million or more DOGE coins are increasing. According to Santiment, this growth in whale holdings has been happening in the last month, and it’s helping Dogecoin’s price go up. 

The big holders accumulating more Dogecoin is a good sign, as this could help sustain the price movement.

Whales Increase and Dormant Wallets Reactivated, Signaling Potential Changes

On November 22, the popular analytics platform Santiment posted interesting information about Dogecoin. This post has made Dogecoin community members more optimistic than ever.

According to Santiment, more big holders (whales) are joining the Dogecoin network, with 121 wallets holding 1M+ DOGE appearing in the past monthThis is a sign of “Big Money Interest,” suggesting that influential investors are getting involved.

Additionally, Santiment noted that the rate at which dormant wallets are now becoming active is increasing. The platform thinks this could change the momentum of the Dogecoin’s price. 

Based on a chart shared by Santiment, the network has a total of 4,715 addresses holding a minimum of 1,000,000 DOGE. 

Whales Invest $1.7 Billion into DOGE over the Past Month

Since the start of November, Dogecoin has been performing well. This made the coin to be among the top-performing cryptocurrency in the memecoin sector. Dogecoin has outperformed popular assets like PEPE and SHIB by 12% in the last 30 days.

Recently, on-chain platform IntoTheBlock shared data showing crypto whales are buying Dogecoin. 

IntoTheBlock data shows that between October 8 and November 8, wallets holding a minimum of $100,000 has surged. The total amount these wallets hold increased from $7.65 billion to $9.35 billion within this timeframe. 

This means that investors have added about $1.7 billion in Dogecoin (DOGE) over the last 30 days. Also, this implies that investor’s confidence is growing significantly. Further, on-chain shows that retail investors are confident in Dogecoin, causing an increase in demand.

The data reveals that the bulls have placed 872 million buy orders on DOGE around its current ($0.075469). On the other hand, sellers are ready to sell 810 million Dogecoin.

The chart above shows the active buy/sell orders. Now, the buy orders are higher than the sellers, and this could affect DOGE’s price. This is because the bulls are currently dominating the market.

Dogecoin Break Bearish Trendline

Looking at the weekly chart of Dogecoin, the coin has crossed above the strong trendline. This line has been holding prices from growing for the past year

Impressively, the bulls broke the line in late October 2023, attracting more investors to the market. 

One key factor that causes this breakout is the formation of a ‘double bottom’ chart pattern. This pattern typically indicates bullish sentiment within the market. While this signals a bullish opportunity, investors should wait for the price to retrace back to the trendline level ($0.067).

The MACD above the signal line validates the bullish momentum in the market. However, remember that the crypto market is highly volatile and could also deviate. 

So, monitor the price movement, industry trends, network events, and development to know what to expect from DOGE. 

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