A striking in Dogecoin, data agency IntoTheBlock revealed that major holders are accumulating Dogecoin. In a chart released by the agency, the agency put the number of large cryptocurrency holders, known as ‘whales’, at over two billion DOGE accumulated over just one week (September 30 – October 5).
With this, Dogecoin has seen its biggest ascent since January 2024 and it’s the in for some price speculation. Some crypto enthusiasts are watching to see how much of the accumulated DOGE can do to the price of DOGE.
Dogecoin Whales Accumulate
Crypto analyst Ali Martinez believes the massive whale activity presages a major bull run for DOGE. If history repeats, Martinez thinks DOGE has a strong chance of rallying 200% and retracting 60%, which means around a threefold increase.
Dogecoin has been breaking out of a multi year descending triangle pattern seen in traditional technical analysis, which is often a sign of a bullish breakout, Martinez tweeted to his followers. ‘In the past, a similar trend has been seen where DOGE may be gearing up for another repeat of the same, he added.’
It could be the next big $DOGE rally! Martinez tweeted that because Dogecoin had already pulled back 65% recently, it could go higher after that. This accumulation is the latest sign of buzz around the unproven and unprovable meme coin market, which has generated significant investor interest in a category of currencies that have often ridden against the grain.
DOGE is one of the well known tokens in this category, which means that this sudden whale activity will make others more excited about another surge in a cryptocurrency space.
