Dogecoin (DOGE), the world’s largest meme coin, has gained remarkable attention from crypto enthusiasts amid the recent market dip. On December 21, 2024, a prominent crypto expert posted on X (formerly Twitter) that crypto whales have accumulated a significant 250 million DOGE in the past few days.
Whales Purchase 250 Million DOGE
However, the post on X noted that this substantial accumulation occurred during the recent market dip, which followed Jerome Powell’s anti-crypto stance, as reported by CoinPedia.
Current Price Momentum
Meanwhile, the impact of this substantial accumulation is currently reflected in the DOGE price. According to CoinMarketCap, the meme coin has surged over 25% in the past 48 hours. It is currently trading near $0.32, with an 8% increase in the past 24 hours.
Despite this notable gain, long-term holders appear to be continuously accumulating the token, as reported by the on-chain analytics firm CoinGlass. Data from DOGE’s spot inflow/outflow revealed that exchanges have witnessed a significant outflow of $519.19 million worth of DOGE in the past 7 days.
The outflow is an on-chain metric that indicates the withdrawal of assets from exchanges to long-term holders’ wallets. This potentially signals upside momentum and suggests an ideal buying opportunity.
Dogecoin (DOGE) Technical Analysis and Upcoming Level
According to expert technical analysis, the meme coin is currently facing strong resistance near the $0.346 level. Based on recent price action, if DOGE breaches this resistance and closes a daily candle above $0.36, there is a strong possibility it could soar by 25%, reaching the next resistance level at $0.44 in the near future.
On the positive side, DOGE’s Relative Strength Index (RSI) currently stands at 37.85 which indicates there is a strong possibility of upside momentum in the coming days.
